DC Metro Market Update June 2016

by Dan Lesniak

house-purchase-1019764_640June was a month of growth for real estate sales in the Washington DC Metro region, good news for those living life along the Orange Line. Sales set a new mark for, while new listings increased by .9% and inventory overall went up by 2.1%. Listed below is a summary of the latest market data released for the region.

Sales for the region increased by 7.9% compared to a year ago, more than $3.2 billion. This is a 14.1% increase from the month prior. Closed sales continued their 19-month consecutive increase, with 5,938 closed sales for June, 5.1% more than last year. There were also 5,979 new contracts begun in June, 3.9% more than in June 2015, a June record. Median prices in the region saw an increase from $439,000 last year up to $446,000, a 1.6% increase. This small difference reflects an overall steady pace of pricing for the region. Falls Church, VA reported the highest median prices for the month, at $737,500, while Prince George County remains the most affordable with a median price of $260,000. Arlington County median prices put it just below Falls Church, coming in second highest for June with a median price of $623,000. When reviewing the differences and comparing year over year pricing, Falls Church is seeing a large rise in home values as more affluent buyers are moving in. The median price in Arlington County keeps us in the mid range of affordability.

DC Metro - Closed salesDC Metro - MSP chart for WaPo

The residential housing inventory has seen some positive growth as well, providing buyers with more options to choose from in the Washington Metro DC region. Compared to a year ago, June saw an additional 7,502 listings for the month, a 3.3% increase over June 2015.

Average to original listing price ratios for the Washington DC Metro area peeked out an increase of .1% when comparing year over year data, at 98.1%, which is slightly lower than May’s ratio of 98.3%. This ratio shows how close our average sale prices are to original list prices. For Arlington County specifically, there was an increase in the ratio from 97.9% in June 2015, up to 98.4% this year. Being so close to the listing prices indicates that homes are being priced where they should be, good news for both buyers and sellers. When list prices are in line with the market, there are not wide swings in average sale prices, lending more stability to the market overall.

DC Metro - County SPtoOLP DC Metro - SPtoOLP

Days on the Market (DOM) show another indication of a stronger market for the region. Comparing month to month data, homes moved has averaged 14 days in June. Condos saw the slowest turnarounds for the month, with a median DOM of 18 days, while townhomes had a DOM of 15 days, and single-family homes with a 11 days on market median. Within Arlington County specifically, the median DOM is lower than the average for the region, reporting at just 11 days for June. The overall shorter time frame reflects the demand for homes in this part of the region.

DC Metro - DOM

When you are ready to buy or sell your home, myself and the Orange Line Living team are here to provide you with our unique and specialized services so you can turn your dreams into reality. To learn more about how we can help you, contact us directly at 571-969-7653 or at [email protected]

 

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