Photo: Alan Kotok/Flickr
The number of closed home sales in the DC area hit a 10-year high in September. However, inventory tightened from the previous month, with September marking the fifth month in a row that inventory levels have decreased in DC, according to a new report released yesterday by online listing service MRIS.
The median price of $399,900 recorded in September was barely changed year-over-year. But it was 5 percent less than August’s median price of $420,750.
September’s median price was $399,900, 21 percent above the low of $330,000 recorded in September 2009 and slightly below the all-time high for the month — $400,000 — which occurred in 2015.
There were 4,183 closed home sales in September. This was the largest number of closed sales for any September during the last 10 years and 1.6 percent higher than September 2015. However, September’s figure was nearly 18 percent lower than the previous month’s closed sales figure.
Pending sales dropped just under 2 percent year-over-year to 4,692 in September. This was down 4.4 percent from August.
September’s active inventory decreased just over 14 percent to 11,102 from last year. Active inventory was however up almost 8 percent from the previous month. All property types recorded year-over-year inventory decreases.
Townhome inventory dropped almost 20 percent from last year. Meanwhile, condo inventory fell 11.1 percent year-over-year. Single-family detached homes also declined almost 14 percent from September 2015.
Homes spent 24 days on the market in September compared to the 27 days recorded the same time last year.
To read the entire MRIS report, click here.