The housing market in the Washington DC metro area had a solid February, with year-over-year upticks in prices, sales volume and new contracts, according to a recent report by RealEstate Business Intelligence.
Sales prices in February were the highest level for that month since 2007, with townhome prices jumping the fastest. From February 2014 to February 2015, the median sales price inched up by 4 percent to $390,000, according to the report, which used MRIS data. The median price for single-family detached homes was $470,000 last month, up 2.2 percent from the previous year; the median price for townhomes was $385,000, an increase of 2.7 percent. For condominiums, the median price increased by $3,000, or 1.1 percent, to $286,000.
Closed sales were up by nearly 1 percent year-over-year, and the number of new contracts swelled by 7.7 percent. Meanwhile, inventory increased 16.6 percent on an annual basis, with condos posting the largest gain of 19.9 percent to 2,250 units. The median amount of time that properties spent on the market was 42 days, three days below January’s 45, the highest days-on-market (DOM) reached since February 2012. Homes in the District sold the fastest, with half of properties selling in less than three weeks.
This marked the third consecutive month in which total closed sales increased year-over-year, bolstered by townhouses, which led all property types with a 12.8 percent annual jump to 748 units. Single-family detached sales were up 0.4 percent from the previous year, and condo sales actually decreased by 9.3 percent. Total sales were 2.1 percent higher from January 2015 to February 2015, slightly below the five-year average of 4.9 percent.
Contract activity in all categories has been on the upswing for the fourth month in a row, for a total of 4,085 in February. Single-family detached residences were at the front of the pack with a 11.1 percent increase to 193 units. The number of new contracts for townhomes was 96, a 9.9 percent year-over-year gain. Condo contracts moved up by a tiny 0.4 percent, or just four units.
Most jurisdictions posted gains in median sale prices, with the exception of Arlington and Montgomery counties. Falls Church City was No. 1 with a median sales price of $712,500, while Alexandria City leaped 15.1 percent to $509,250, with a 34 percent increase in the number of sold listings. Median sales price in the District went up 6.8 percent to $499,500, but sales declined by 9.1 percent.
Image: RealEstate Business Intelligence