Median sales price reaches highest May level on record

May’s tally of 1,314 closed sales beat last May’s level (1,246) and the five-year May average (1,245) by 5.5 percent. This is the highest May level on record (since 1997). The 1,518 new pending sales marked an 1.2 percent dip from last May and beat the five-year May average by 1.1 percent, or 16 contracts. There were 1,901 new listings added in May, 1.6 percent less than last May’s mark. The active listings dipped below last May’s active listing total of 2,567 (-6.7%). The 2,394 active listings heading into June represent 2.3 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.4 months of supply last May. Half of the homes sold in May were on the market nine days or less, two days quicker than the median DOM in May 2017. The $475,000 median in May was 6.4 percent higher than last May’s median of $446,500. Closed sales rose in all three segments.

Washington, DC – (June 13, 2018) – 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 data by MarketStats by ShowingTime.