The median price for District home sales reached a new June record of $620,000 last month, according to the Greater Capital Area Association of Realtors (GCAAR). That was up nearly 3 percent from the June 2018 median sales price of $603,000 and up 19 percent from the June 2014 sales price of $520,000. The total number of June home sales—857—was down relative to June 2018, representing a 3.7 percent decline, as well as the average for the last five Junes.
“Supply remains scarce relative to demand, continuing to drive a strong seller’s market,” a recent release from GCAAR says. “Closed sales fell in all three segments”—detached single-family homes, townhouses, and condo and co-op units. In addition, half of the homes sold last month stayed on the market for no more than 16 days, down from 26 days in June 2018.
Below are D.C.’s June 2019 median sales prices by home type, according to GCAAR’s report.
“The median sales price for detached properties in June was $830,000, a decrease from last June’s mark of $930,000. Similarly, the year-to-date median of $752,500 is lower than the 2018 YTD median ($850,000).
The median sales price for townhouses in June was $760,000, a 4.8 percent increase from last year’s June-level of $725,000. The year-to-date median of $730,000 is up 6.6 percent versus 2018. The average sales price in June was $804,250, a 3.2 percent increase from last year’s mark of $779,318.
The $480,000 median sales price for condo/co-op units represents a 2.0 percent decrease from last June’s $490,000 level and the year-to-date median of $475,000 is slightly higher than the $469,950 level last year (+1.1 percent). The average sales price in June was $540,495, a .4 percent decrease from last June’s average of $542,862.”
The median home sales price in May also set a record: $600,555, comprising a 10-year high.
SOURCE: Curbed DC