June 2013 DC Real Estate Market Stats
The DC real estate market continued its upswing in June 2013 with increases in every category and a 15.79% drop in Days On Market. Average DOM was 32 days, a drop of 38.46% from June 2012 and 15.79% from May 2013.
Total Sold Dollar Volume was $504,657,852., an increase of 29.78% year-over-year and 8.62% from May 2013.
Median Sold Price was 529,000., up 16.26% year-over-year, and 7.96% from May 2013.
Average Sold Price in June 2013 was 638,807., up 15.32% from the same time in 2012 and 4.91% from May 2013.
Average Sold to Original List Price Ratio was 100.26%, up 2.88% from June 2012 and 0.87% from May 2013.
New listings dropped from May to June, as expected at the end of the spring buying/selling season, 6.4% which represents an increase of 17.1% from June 2012.
Closed Sales were up 3.5%, an increase of 12.5% from June 2012. The 5-year June average at the end of the month was 717.
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DC Metro Region
DC Metro home prices tied the record high in June of 2013 and Townhome median price set a new record. The DC Metro area saw double-digit growth for new listings for the third straight month as well.
Sales and new contracts saw double-digit growth in June and are now at multi-year highs while the region's inventory shortage continues to shift. The number of Active listings remains historically low, but new listings are increasing at a double-digit rate for the third consecutive month compared to 2012. Median days-on-market (DOM) remains at housing-boom levels of 9 days. Strong demand continues to put upward pressure on median sales price. The Washington DC Metro area tied the record high for median sales price in June.
The District of Columbia eclipsed last month’s record high by $39,000. Demand for smaller units in the market continue to drive a good portion of overall sales growth with consistently strong gains in condo and townhome sales. The demand for townhomes has been particularly strong.
Townhomes led all property segments in sales and median price growth. The median sales price for townhomes in the region is at an all-time high, and the number of active townhome listings is at an all-time low. The conditions appear ripe for continued growth in the region’s housing market, as the rise in new listings will help meet some of the pent up buyer demand. Sellers are noticing the higher price-points compared to the past several years, which is also fueling this growth
*Statistics by RBI (Real Estate Business Intelligence)
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