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March 2017 Montgomery County Market Trends Report

by Greater Capital Area Association of REALTORS®


Closed sales up 20.5 percent while half the homes sold in 17 days or less
Washington, DC – (April 11, 2017) – The following analysis of the Montgomery County, MD housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of MRIS multiple listing data by MarketStats by ShowingTime.

Overview
March’s tally of 1,013 closed sales topped last year’s level by 20.5 percent and exceeded the five-year March average by 19.9 percent. The 1,440 new pending sales marked a 0.9 percent drop from last March but beat the five year March average by 9.9 percent, or 129 contracts. There were 2,006 new listings added in March, 2.9 percent less than last March’s mark. The 2,147 active listings dipped far below last March’s active listing total 2,519 (-14.8%). The 2,147 active listings heading into April represent 2.0 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.5 months of supply last March. Half the homes sold in March were on the market 17 days or less, 24 days quicker than the median days on market (DOM) in March 2016. The $410,000 median in March was 6.5 percent higher than last March’s median of $385,000. The average sales price in March was $510,481, a 7.7 percent increase over the March 2016 average of $473,902. Closed sales showed
double digit increases in all three segments.

March 2017 Washington, DC Market Trends Report

by Greater Capital Area Association of REALTORS®

Most homes sold since 2005 as prices reach record March highs
Washington, DC – (April 11, 2017) – The following analysis of the Washington, DC housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of MRIS multiple listing data by MarketStats by ShowingTime.

Overview
March’s median sales price was $535,000, a 5.8 percent increase over last year’s median of $505,511 and the highest March level on record. The 778 March sales represented a 19.1 percent increase versus last year and far above the March five-year average of 631. Supply remains scarce relative to demand, continuing to drive a strong seller’s market in the District. The 1,266 active listings represent just 1.7 months of supply. There was a 2.9 percent bump in contract activity compared to last March. The 969 new pending sales increased 2.9 percent and topped the five-year March average by 12.9 percent, with a loss in the detached segment but gains in townhouse and condo/coop segments. New listing activity decreased 4.7 percent compared to last March in the condo/coop segment. Half the homes sold in March were on the market for 12 days or less and the competition among buyers kept the median percent of asking price at 100 percent.

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Photo of Phyllis Wiesenfelder Real Estate
Phyllis Wiesenfelder
Long & Foster Real Estate, Inc.
4650 East West Highway
Bethesda MD 20814
Direct: (301)215-6915
Mobile: (301)529-3896
Fax: Office: 301-907-7600