October was a strong month for D.C. area home sellers, with the median sales price hitting $460,000, a record for the month. That was an increase of roughly 8 percent, or $33,500, over last year, representing the biggest year-over-year gain since December 2013, reports Bright MLS, the listings company. October home prices have steadily risen during the past several years; in 2014, the median sales price for the month in the D.C. area was $400,000.
But overall inventory levels reached their lowest October level of the decade, at 8,495 active listings. This was about 18 percent less than last year (10,380) and about half their peak level in October 2010 (16,629). “Inventory levels declined everywhere except in Washington D.C., where they rose a slight 1.4% to 1,841,” explains the report. “The smallest percentage decline was in Fairfax City (-9.0% to 61), followed by Montgomery County (-10.2% to 2,252), Prince George’s County (-18.6% to 1,846), Fairfax County (-27.5% to 1,999), Alexandria City (-46.1% to 228), Arlington County (-48.5% to 260) and Falls Church City (-77.8% to 8).” The median number of days on the market was 14, a record low for October and a generally short period.
The number of new listings, 6,230, was essentially flat compared with last year. Closed sales were up more than 9 percent, to 4,435, and new pending sales were up more than 4 percent, to 4,926. Meanwhile, the sales volume for the D.C. area was $2.4 billion, an increase of over 15 percent from last year, notes Bright MLS. In the District, the median sales price actually decreased about 4 percent, to approximately $579,000. The area remains a seller’s market.
SOURCE: D.C. Curbed