DC Real Estate Market Update
District of Columbia - DC Metro November 2013 Results
The government shutdown in October had a negative effect on DC's real estate market according to November market statistics.
- Closed sales decreased 13.7% from November 2012, the first decline since March 2012 and the largest decline in over two years.
- Sales decreased 21.2% from October, nearly five times the 10-year average October to November change.
Good News in DC Metro
Despite the decline in closed sales, median sales price increased 8.1% from 2012 and in every jurisdiction except Arlington County.
New pending contracts also increased, 3.3% from last November, except in Fairfax County, which saw a decrease of 1.5% and Prince George’s County where they dropped 5.8%.
Price increases have driven Seller activity, as evidenced by the increase in active listings from 2012, driven by townhomes and condo properties. New listings increased 13.7% from last year, but declined from October.
Inventory remains tight at 31.9% of 2007 peak level.
Median DoM (Days On Market) for all prodct types was 20 days.
Washington DC Numbers
Median Sold Price Continues Climb in DC
Despite the drop in New Listings, New Pendings and Closed Sales in Washington DC during November 2013, Median Sold Price rose 9.9% from the previous month, to $500,000., a $50,000. increase from the same time in 2012.
More DC Metro Data:
Closed Sales in DCM
November saw the greatest YoY decrease in closed sales since the summer of 2011.
There were 3,068 sales in November in the Washington DC Metro Area, 13.7% less than a year ago. This is the first year-over-year decline in nearly two years, and the largest decline The number of sales decreased 21.1 percent from last month, which nearly five times the 10-year average October to November change of -4.4 percent.
Even with this sluggish November, there have been 9 .6 percent more homes sold year-to-date than over the same period last year and the 44,938 year-to-date tally is already higher than the 44,615 total sales for all of 2012. The number of November sales declined in all property segments as compared to this time last year, however. Sales of condo properties decreased 6.1 percent from last November, which is the mildest decline of the property segments. Detached home sales and townhome sales decreased 16.2 percent and 16.8 percent, respectively.
Price Activity in DCM
Highest November-level in seven years. At $399,950, Median Sales Price in the Washington DC Metro Area was 8.1%, or $19,950. higher than this time last year. This is the highest November-level in seven years. This was the 22nd consecutive month with annual gains in price.
Condos led all property segments in MSP rate of growth, rising 8.3% from November 2012 for a gain of $22,500. The MSP for townhomes rose 5.6%, or $21,000, from November 2012. The MSP for Detached homes rose 4.9%, a gain of $22,000 from last year.
New Contract Activity in DCM
There were 3,854 new contracts signed in November, the highest November total in seven years. This represented a 3.3% increase in new purchase activity, with 122 more contracts than in November of 2012. Townhomes had the highest rate of growth in new contracts, increasing 6.9%, or by 66 contracts, from last November.
New contracts for condo properties increased 6.7%, or by 64 contracts. Single-family detached homes decreased slightly 0.5%, or 9 contracts.
Inventory in DCM
Active listings in the DC Metro Area increased 5.7% from this time last year to 8,276 listings at the end of November. This is an increase of 446 listings and the second month of increases for this indicator. Despite this increase, active listings in DC Metro are 68.1% lower than their September 2007 peak.
Single-family detached homes were the only property segment to have fewer listings compared to this time last year, declining 0.8%, and bringing them to their lowest November-level in eight years.
- There were 1,561 townhome listings, 16.8% more than in November of 2012
- Active listings for condo properties increased 14.5%
November saw the third consecutive YoY increase for both townhomes and condos. Gains in new listings have contributed to the increase in active listings. There were 3,896 new listings in November, which is an increase of 13.7% from last year. This is the eighth consecutive month of double-digit growth for SF Detached homes.
Townhomes led all property segments in new listing growth, increasing 23.6% from last November.
New listings of condo properties increased 17.3%, and new listings for single-family detached homes increased 7.0% from this time last year.
The Median DOM remains historically low, at 20 days, and is the lowest November-level since 2005, when it was also 20.
In the District:
Condos & Co-Ops in the District of Columbia
MSP for Condos & Co-ops in the District during November 2013 was $435,000, an increase of 11.5% compared to October and up 13% from November 2012.
- Average DoM for condos & co-ops sold in November was 37 days, 41% lower than the 5-year November average of 62 days.
- New contracts for condos & co-ops in DC dropped 23.5% with 276 New Pendings; a 2.2% MoM increase in All Pendings (new contracts + contracts carried over from October) to 516; and a 9.4% decrease in supply to 608 active units.
- This activity resulted in a Contract Ratio of 0.85 pendings per active listing, no change from October and no change from November 2012.
- The Contract Ratio is 65% higher than the 5-year November average of 0.52. 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.
Townhomes (Attached) in DC
The MSP for Attached/Townhouses in the District of Columbia for November was $599,500., an increase of 15.3% compared to October and an increase of 9.2% from November 2012.
Average DoM in November was 41 days, which was 27% below the 5-year November average of 56 days.
November saw a 20.9% MoM decrease in new contract activity with 254 New Pending Sales; a 0.6% MoM decrease in All Pendings (new contracts + contracts carried over from October) to 488; and a 5.9% decrease in supply to 382 active units. This activity resulted in a Contract ratio of 1.28 pendings per active listing, no change from October and no change from November 2012.
The Contract Ratio is 53% higher than the 5-year November average of 0.84.
And how did Washington DC neighborhood market statistics fare in November's real estate market?
*Real estate market data by RBI (Real Estate Business Intelligence)