October Stats for DC Metro Real Estate
DC Metro Sales
Demand in the Washington DC Metro Region housing market continues to grow, with sales up 19.1% and pending contracts up 1.7% from last October.
DC Metro Median Sales Price
Median sales price increased 4.8% from October 2012, slowed from early 2013 by prices of single family detached homes.
Market Growth Leaders
Condos led growth in all categories, with smaller units showing strong growth in median sales price and closed sales.Units of -800 SF logged a 16.5% increase in median sales price and a 35.1% increase in closed sales. This sector accounted for 7.9% of all sales.
DC Metro saw median sale price increases in all jurisdictions and it was the highest October-level in six years. At $380,000, the median sale price in DCM was 4.8%, or $17,500 higher than this time in 2012.
Condos led all property segments in median sale price rate of growth, up 9.3% from October 2012 for a gain of $25,000. The median sale price for townhomes in the region increased 6.7%, or $24,550, from October 2012. The median sale prices of single-family detached homes rose 7.5%, a gain of $31,800 from last year at this time.
The median-days-on-market (DOM) for all homes was 16 days in October 2013, still historically low.
October DCM Inventory Up
Total inventory increased for the first time in over two years, primarily fueled by townhome and condo listings. Total inventory is still at historic lows and is only 35.7% of its 2007 peak level. New listings increased 19.2% from October 2012. The median sales price increased in all jurisdictions as compared to last October.
District of Columbia October Real Estate Market Statistics
In the District of Columbia, new listings dropped 5.3% from September 2013 but showed a 33.5% increase from this time last year.
New Pending Sales were up 16.2% from September 2013 and up 16.9% from October 2012.
Closed Sales also increased substantially, 17.6% from September of this year and 25.8% from a year ago.
Median Sold Price dropped slightly at 1.1% from September 2013 but is up 2.2% from October 2012.
Average Days On Market (DOM) was 36 days in October, down 4 days from September and 15 days lower than October of 2012.
The Average Sold to Original List Price Ratio was 99.2% in October.
Condos and Co-Ops
The median sold price for Condos & Co-ops in DC's October 2013 market was $390K, up 1.3% from September and 0.3% from October 2012. The average Days On Market (DOM) for units sold in October was 38 days, which is 41% below the 5-year October average of 64 days. There was a 10.4% MoM increase in new contract activity with 361 New Pendings; a 7.7% MoM increase in All Pendings (new contracts + contracts carried over from September) to 505; and a 5.7% increase in supply to 671 active units.
This activity resulted in a Contract Ratio of 0.75 pendings per active listing, no change from September and no change from October 2012. The Contract Ratio is 50% higher than the 5-year October average of 0.50. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.