Double-digit sales growth for condos and townhomes; single-family home sales drop; Low inventory continues to push up prices, DC posts highest median price on record

OVERVIEW

Signs of spring are in the air, and the DC Metro housing market continues to pick up steam. Sales and median prices are up from this time last year, and days-on-market is at its lowest level in over seven years. The low inventory of homes for sale continues to play a major role in the market. Active listings have dropped by nearly 20,000 since their fall 2007 peak, and the proportion of townhome listings is now the lowest on record. Interestingly the trend of rising sales and declining new contracts has continued in the region.

Low inventory continues to push up median sales prices in all jurisdictions; Subtle signs of a changing inventory pattern begin to emerge with new listings

OVERVIEW

Price growth continues throughout the Washington DC Metro Region, driven by the low inventory of homes for sale. The low inventory is also pushing up the average sale-to-list price ratio, which is now at its highest level since the summer of 2006. While active listings remain at historic lows, new listings are beginning to show signs of what could be a changing pattern. New listings are up over 13 percent across all property segments in the region compared to last month, which is well above the 10-year average change for each segment.