DC area hits highest monthly tally in a decade with over 6,000 homes sold in June

Washington D.C. Metro home prices at June high of $455,000; June closed sales at highest monthly level since 2005; inventories decline for 14^th month in a row

OVERVIEW

• The Washington D.C. Metro median sales price dropped slightly to $455,000 from last month’s record-setting $460,000 and ranks as the second-highest monthly price of the last twenty years.  It was a 2% or $9,000 increase over last year. 
• Sales volume across the DC Metro area was over $3.4 billion, up 5.8% from last year.
• Closed sales of 6,142 were up 3.4% compared to last year and set an all-time high for the decade.
• New contract activity of 5,961 dropped 0.3% compared to last year and 10.6% compared to last month’s record level of 6,668.
• New listings of 7,802 were up 4.0% compared to last year but were down 3.5% compared to last month.  This was the highest June level of the decade.
• Active listings of 10,481 are down 7.3% compared to last year, but are up 6.2% compared to last month. This is the 14th consecutive month of declines in year-over-year inventory levels.
• The average percent of original list price received at sale in June was 98.5%.
• The median days-on-market for June 2017 was 12 days, two days lower than last year.

• June’s regional median sales price dropped slightly to $455,000 from last month’s record high of $460,000.  It is the second-highest monthly price of the last 20 years, and was a 2% or $9,000 increase over last year. 
• Compared to last year, single-family detached homes increased 3.6% to $575,000 and townhomes rose 2.4% to $425,000.  Condo prices slipped 1.3% to $300,000.    
• June prices remain above the 5-year average of $442,600, and the 10-year average of $410,599.
• The overall regional price of $455,000 is 28.5% above the June 2010 low of $354,000, and 2.0% above last June’s record level of $446,000.
• Falls Church City is still the most expensive location in the region, with a median sales price of $726,000, down 1.6%.  All other jurisdictions saw increases in year-over-year prices, with the largest in Alexandria City (+13.9% to $569,950) and the smallest in Arlington County (+0.2 to $625,000).  With a median sales price of $280,000 (up 7.7% from last year), Prince George’s County remains the most affordable area in the region. 
• For the year to date, the regional median sales price is up 3.6% to $430,000 compared to the first half of 2016.

• Closed sales of 6,142 were at the highest monthly level of the last decade.  Sales were up 3.4% from last year and up 9.3% from last month.
• All property types saw increases in sales this month, with condos up 6.7% to 1,548, townhomes up 4.8% to 1,522 and single-family detached up 1.3% to 3,072.
• Sales remain above both the 5-year average of 5,594 and the 10-year average of 5,119.
• June’s closed sales were up 52.1% above the market low of 4,039 seen in June 2008.
• Sales activity across the region was mostly up, with the largest percentage increase in Fairfax City (+43.2% or 16 sales) and the largest percentage decrease in Montgomery County ( -0.9% or 13 sales).  For the year-to-date though, all jurisdictions continue to show gains in sales, with the largest in Falls Church City (+39.5% or 34 sales) and the smallest in Montgomery County (+3.1% or 197 sales).  Across the region, YTD sales are up 6.3% to 27,802.

• New pending sales of 5,961 were down 0.3% compared to last year.  They were down 10.6% from last month’s decade high of 6,668.
• Townhome new pending sales showed the strongest gains, up 3.3% to 1,586.  Condos rose 0.6% to 1,559, while single-family detached were down 2.6% to 2,816.
• Pending sales remain above the 5-year average of 5,657 and the 10-year average of 5,081.
• June’s new pending sales were 61.2% more than the June 2008 low of 3,697.
• Pending sales activity across the region was mixed, with the largest percentage increase in Falls Church City, which was up from 21 pending sales to 25 (+19.1%).  The largest decrease was in Alexandria City, where they dropped 7.0% to 254.
• For the year-to-date, regional new pending sales of 34,117 are up 1.3% compared to last year.

• The 7,802 new listings in June were up 4.0% from last year but down 3.5% from last month.  This is the highest level of new listings in June since 2006.    
• New townhome listings were up 7.0% to 1,976, while new condo listings were up 6.0% to 2,021, and new single-family listings were up 1.5% to 3,803.
• New listings are above both the 5-year average of 7,113 and the 10-year average of 6,717. 
• June new listings are 39.6% above the 10-year low of 5,588 seen in June 2012.
• Across the region, Falls Church City saw the largest percentage increase in new listings (+57.7% to 41) and the largest percentage decrease was in Montgomery County, where new listings decreased 5.2% to 1,781.
• For the year to date, new listings across the entire DC Metro are up 1.5% compared to last year to 42,123.

• The 10,481 active listings at the end of June were up 6.2% compared to last month but were down 7.3% compared to last year. 
• All property types showed decreases in inventory levels over last year, with condo inventories down 9.3% to 2,702, townhome inventories down 9.0% to 1,917, and single-family detached inventories down 5.7% to 5,852.
• Inventories are below both the 5-year average of 10,694, and the 10-year average of 13,875.
• June inventory levels exceed the 2013 low of 8,281 by 26.6%, but are down 59.1% from the peak of 25,618 seen in June 2008.
• Across the region, inventory levels dropped everywhere except Washington, D.C. (+16.9% to 1,505), and in Falls Church City, (+2.9% or 1).  The largest decline was in Fairfax County (-15.2% to 3,332).

• The regional average sales price to original listing price ratio (SP to OLP ratio) for June was 98.5%, up from last year’s 98.1%, but down from last month’s 98.8%. 
• Townhomes have the highest June SP to OLP ratio of 99.6%.  Single-family detached homes have a SP to OLP ratio of 98.3% and condos have a ratio of 98.0%.
• June’s SP to OLP ratio exceeds the 5-year average of 98.4% and the 10-year average of 96.5%.
• Over the last decade, the region’s June average sales price to original listing price ratio ranged from a low of 92.9% in 2009 to a high of 99.1% in June 2013. 
• The largest gap between original listing price and sales price was in Montgomery County, where the average ratio was 98.1%, up from last year’s 97.4%.
• Washington D.C. had the highest regional SP to OLP ratio, at 100% of original listing price, up from last year’s 99.1%.
• For the year-to-date, the regional SP to OLP ratio is 98.3%, higher than last year’s 97.6%.

• The median days-on-market (DOM) in June was 12 days, down from 14 days last year but up two days from last month.
• Condos and single-family detached homes both have a median DOM of 13, while townhomes have a median DOM of 8.
• June’s median DOM was one day below the 5-year average of 13 days, and was ten days below the 10-year average of 22 days.
• This month’s median DOM of 12 is the second-lowest level in a decade (the lowest was 9 days in 2013).  The highest DOM of the last 10 years was 47 days in 2008.
• The highest median DOM in the region in June was in Prince George’s County where it was 17 days, down from 18 days last year. 
• Falls Church City has the lowest median DOM of 6 days, down from 7 days last year.
• For the year-to-date, the overall regional median DOM is 14 days, down from 20 days last year.

 By Corey Hart for RBIntel