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May 2017 Washington, DC Market Trends Report Median

by Greater Capital Area Association of REALTORS®

Sales price is highest May level on record; new listings increase 15.5 percent Washington, DC – (June 12, 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 Bright MLS multiple listing data by MarketStats by ShowingTime.

Overview

May’s median sales price was $599,000, a 5.0 percent increase over last year’s median of $570,500 and the highest May level on record. The 925 May sales represented a 7.6 percent increase versus last year and above the May five year average of 816. The 3,583 cumulative year-to-date sales are 9.6 percent more than the number sold through May of last year. Even with the median sales price at record highs, supply is scarce with only 1.9 months of supply on hand. There was a 2.8 percent bump in contract activity compared to last May. The 1,004 overall new pending sales topped the five-year May average by 5.5 percent. The number of new listings increased 15.5 percent compared to last May. The 1,270 new listings beat the five-year May average by 10.9 percent, and new listing activity increased compared to last May in every segment. Half the homes sold in May were on the market for eight days or less and the competition among buyers kept the median percent of asking price at 100 percent.

May 2017 Washington, DC Market Trends Report

by Greater Capital Area Association of REALTORS®

Median sales price is highest May level on record; new listings increase 15.5 percent

Washington, DC – (June 12, 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 Bright MLS multiple listing data by MarketStats by ShowingTime.

Overview
May’s median sales price was $599,000, a 5.0 percent increase over last year’s median of $570,500 and the highest May level on record. The 925 May sales represented a 7.6 percent increase versus last year and above the May five year average of 816. The 3,583 cumulative year-to-date sales are 9.6 percent more than the number sold through May of last year. Even with the median sales price at record highs, supply is scarce with only 1.9 months of supply on hand. There was a 2.8 percent bump in contract activity compared to last May. The 1,004 overall new pending sales topped the five-year May average by 5.5 percent. The number of new listings increased 15.5 percent compared to last May. The 1,270 new listings beat the five-year May average by 10.9 percent, and new listing activity increased compared to last May in every segment. Half the homes sold in May were on the market for eight 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