DC Metro Market Update August 2016
Sales for the region increased by 16.1% compared to a year ago, up to above $2.6 billion. This is the highest level since August 2006. Closed sales decreased 12.7% compared to last year marking the highest level since August 2005. There were also 4,907 new contracts begun in August, 4.1% more than in August 2015. Median prices in the region saw a small increase from $411,750 last year up to $420,750, a 2.4% 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 $799,000, while Prince George County remains the most affordable with a median price of $257,250. Arlington County median prices put it just below Washington D.C, with a median price of $540,000. 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.
Average to original listing price ratios for the Washington DC Metro area increased slightly when comparing year over year data, at 97.5%, which is slightly lower than July’s ratio of 97.9%. This ratio shows how close our average sale prices are to original list prices. For Arlington County specifically, there was a slight increase in the ratio from 97.1% in August 2015, up to 97.4% 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.
Days on the Market (DOM) show another indication of a stronger market for the region. Comparing month to month data, homes moved, on average, 5 days faster in August than in July. Condos saw the slowest turnarounds for the month, with a median DOM of 25 days, while townhomes had a DOM of 17 days, and single-family homes with a 23 days on market median. Within Arlington County specifically, the median DOM is lower than the average for the region, reporting at just 22 days for August.
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]