Median sales price reaches highest July level since 2007 Washington, DC – (August 13, 2018) 

Overview
July’s tally of 1,204 closed sales beat last year’s level by 3.8 percent and above the five-year July average by 1.4 percent. The 1,207 new pending sales marked a 4.4 percent bump from last July and fell just below the five-year July average by .8 percent, or 10 contracts. There were 1,453 new listings added in July, 2.7 percent more than last July’s mark. The 2,408 active listings dipped significantly below last July’s active listing total 2,668 (-9.7%). The 2,408 active listings heading into August represent 2.4 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.6 months of supply last July. Half of the homes sold in July were on the market 13 days or less, three days quicker than the median DOM in July 2017. The $454,000 median in July was 6.0 percent higher than last July’s median of $428,500 and is at the highest July level since 2007. Closed sales rose in all three segments in July.  

The following analysis of the Montgomery County, MD housing market hasbeen prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.