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.