Lowest median days-on-market since the peak of the housing boom

OVERVIEW

The housing market in the Washington DC Metro Area continues to post strong growth as we approach the summer season.  Sales are at a seven-year high for May, and new contracts are back to peak housing boom levels.  The median sale price for the region is rising and posted the highest May level on record. The median sale price is now over $30,000 higher than May 2012, and over $70,000 higher than May 2011.  It appears that the rising price points could be enticing more sellers to enter the market, as new listings are up nearly 20 percent from this time last year, reflecting back-to-back months of double-digit growth for this indicator.

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Lowest days-on-market in 8 years; Active listings remain low, however new listings spike for the 1^st time in 2 years

OVERVIEW

Market indicators point to a healthy spring market in the Washington DC Metro Region.  Sales and median prices continue to rise, and new contract activity is up after several months of declines.  The low inventory of homes for sale coupled with strong demand on the buyer side is fueling much of the market growth. While active listings remain historically low, new listings spiked in April, possibly an early sign of a changing pattern.  The rise in new listings could indicate that sellers are starting to be drawn into the market by higher price points and faster sale times.