DCMA MARKET OVERVIEW JANUARY 2015
The DC Metro Area real estate market started stronger than Washington DC’s market thanks to higher inventory levels.
January 2015 results show increases in sales, prices, new contracts and inventories over January 2014. Closed sales rose by 4.5% from the start of 2014, and all property segments increased YoY. Only single-family detached prices stagnated at $450k, while townhomes and condos tweaked up by 1.4% and 4.7% respectively.
- New contracts spiked 6.2% from January 2014, the highest January-level since 2011 at 3,720 (slightly above the five-year average of 3,715) and above the ten-year average of 3,516.
- Inventories jumped a solid 18% above January 2014 levels, with all categories seeing double-digit increases, but still slightly under the five-year trend of 12,635.
- Average DOM (Days On Market) climbed to 10 days, but remain below the 5 year January level of 70 days.
- Pending sales increased by 6%.