Persistent declines in active and new listings continue; Low inventory keeping prices above the 10-year average despite cooling demand

OVERVIEW

Activity has cooled in the Washington DC metro housing market as we end September, following typical seasonal market patterns. Closed sales, new pending contracts, and median prices all declined from August, however these indicators remain above September 2011 levels, and in many cases are at multi-year September highs, providing evidence of a stronger market. The median price is the highest September median price in...

Active listings at their lowest level in seven years; Growth continues in condo sales, contracts, and median price

Rockville, MD – (August 10, 2012) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on July 2012 MRIS housing data.

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OVERVIEW

The shrinking inventory of homes for sale continues to play a major role in the Washington DC Metro Area housing market, though median price and sales growth has slowed.  The total inventory of active listings is the lowest of any month since August 2005.  The limited quantity of homes for sale is causing the median days-on-market to decrease (currently at 23 days, lowest July-level since 2005), and the sale-to-list price ratio to rise (currently at 96.3 percent, highest July-level since 2006). Sales and median price growth have slowed from the spring; however both are higher than this time last year.  The condo market continues to strengthen, posting the highest year-over-year increases of all residential property segments in sales, new contracts, and median sale price.