DC Metro Area Spring Market Is In Full Bloom
Eric Stewart ● May 19, 2015
Housing data for April 2015, released by RealEstate Business Intelligence, shows a continued trend of modest price increases, higher sales, lower days-on-market, and greater inventory through the first four months of the year.
Median Sales Price
The median sales price in April 2015 for the DC metro area was $417,000, a 1.1% increase over April 2014. This represents the highest median average price for April since 2007, although year-over-year price gains are slowing. Condos, with a median price of $305,000, realized the highest gain, a 1.7% increase over March 2014. Single-family detached prices rose 1% to $520,000. For the first time since May of 2014, year-over-year townhome prices experienced a decline, dropping by 2.4% to $405,000. Most jurisdictions experienced price increases, with the exception of Alexandria City and Loudoun County in Virginia. Alexandria’s median price dropped to $459,500 in April 2015 from $517,000 a year earlier. Loudoun’s median price fell to $420,000 from $423,000 in April 2014.
There were a total of 4,268 sales (homes closed) in April 2015, an increase of 385 units (9.9%) over April 2014, and the best April for closed sales since 2010. This is the first time since October 2013 that all market segments experienced year-over-year growth for two months in a row. There were 1,937 single-family homes that closed in April 2015, an 11.5% year-over-year increase. Townhomes sales increased by 10.1% to 1,135 sold units and condo sales increased by 7.3% to 1,195 units sold. Compared to the prior month of March 2015, overall sales are up by 606 units (16.6%), with single-family detached homes experiencing a 15.5% increase and townhomes and condos showing 17% increases.
With the spring market in full bloom, the median average days-on-market (DOM) for all segments was 14 days, a one day increase year-over-year, but a significant drop from 25 days in March 2015. Single-family detached homes had a median DOM of 16 days, while townhomes and condos had 11 and 17 DOM respectively. Price George’s County had the highest number of DOM at 26, up from 21 days a year earlier, while the lowest number of DOM was in Washington, DC at 8 days, down from 10 days in April 2014.
April inventories were 52% higher than April 2013. Active listings continue to rise and have now increased from the prior year for 19 consecutive months. There were 10,867 active listings at the end of April, a 22.5% increase year-over-year and a 20.5% increase over the prior month. The largest number of active listings are in Fairfax County with 3,669, followed by Montgomery County with 2,950. Higher inventories may eventually put pressure on prices and also affect days-on-market in the months ahead.
Contact the Eric Stewart Group for more detailed market data in your local DC metro area jurisdiction. The Eric Stewart Group would also be happy to provide a complimentary, no-obligation analysis of your home’s market value.