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June 2017 Washington, DC Market Trends Report

by Greater Capital Area Association of REALTORS®

New listings up 25 percent as median sales price reaches highest June level
Washington, DC – (July 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
The number of new listings increased 25.0 percent compared to last June. The 1,348 new listings exceed the five year June average (1,120) by 20.3 percent. In addition, there were double-digit increases in new listings in all three segments. June’s median sales price was $590,000, a 5.4 percent increase over last year’s median of $560,000 and the highest June level on record. The 901 June sales represented a .7 percent decrease versus last year but are 51 sales above the June 5-year average of 860. The 1,505 active listings represent just 2.1 months of supply. There was a 7.0 percent bump in contract activity compared to last June. The 987 overall new pending sales topped the five year June average by 9.2 percent. Half the homes sold in June were on the market for 8 days or less and the competition among buyers kept the median percent of asking price at 100 percent.

June 2017 Montgomery County Market Trends Report

by GCAAR

Median sales price up 1.1 percent – highest for June since 2008
Washington, DC – (July 12, 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 Bright MLS multiple listing databy MarketStats by ShowingTime.

Overview
June’s tally of 1,519 closed sales dropped below last year’s level by .8 percent but exceeded the five-year June average by 9.2 percent. The 1,324 new pending sales marked a 4.2 percent drop from last June but beat the five year June average by .7 percent, or 10 contracts. There were 1,781 new listings added in June, 5.2 percent less than last June’s mark. The 2,760 active listings dip far below last June’s active listing total of 3,051 (-9.5%). The 2,760 active listings heading into July represent 2.6 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 3.0 months of supply last June. Half of the homes sold in June were on the market 13 days or less, four days quicker than the median DOM in June 2016. The average DOM was 10 days lower at 34 days. The $440,000 median in June was 1.1 percent higher than last June’s median of $435,000 and is the highest June median price since 2008. The average sales price in June was $545,893, a .1 percent decrease over the June 2016 average of $546,394. Closed sales fell in the detached home and townhouse segments while rising in the condo/co-op segment.

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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