Looking out the window today, you'd never know it, but Spring came early to Washington DC's real estate market this year.
February 2017 saw big jumps in many metrics. Here's the market data for the past 30 days.
Washington DC All Home Types
Closed sales increased modestly from January to February at 541 sales (up 0.7%), but reflected a 15.6% increase from the same time last year. Total Sold Volume in February was $383,124,272. This was a 31.9% increase Y-o-Y and a 4.5% jump from January. Median Sold Price was $519,000., down 3.4% from last February and -1.6% from January. Median Days On Market was 18 days, lower than both the Y-o-Y (-10%) and M-o-M (-21.7%) numbers. Median Price Per Sq Foot was $504.00, a 2.4% increase from last February and up 8.9% from January 2017. February saw 1.7 months of inventory, up slighting from the 5 year average of 1.6 months.
Condos & Co-Ops in Washington DC
Median sold price for February was $455,000., up 0.6% compared to January and +3.5% from February 2016. Average Days On Market for February was 46 days, 17% below the 5-year February average of 55 days. There was a 16.6% M-o-M increase in new contract activity with 373 New Pending sales, reflecting an 11.9% M-o-M increase in All Pendings (new contracts + contracts carried over from January) to 489. February saw a 12.4% increase in supply to 598 active units.
This activity resulted in a Contract Ratio of 0.82 pending sales per active listing, unchanged from January and a decrease from 0.88 in February 2016. The Contract Ratio is 10% lower than the 5-year February average of 0.91. 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.
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