Single-family Prices Increase Over January 2010 in

District and Montgomery County

Condo prices hold steady in the District but continue to drop in the County

Single-family home prices increased in Washington, DC (14.18%) and Montgomery County (16.64%) in January compared to the same month last year.  Condo prices in the District increased 1.44% over this time last year but fell 10.42% in Montgomery County.

Listings in the District are steady, while listings in the County are up 5% for condos and 12.5% for single-family homes.   

The number of homes going under contract in January was down across the board: in DC condo contracts were down 21.2%, single-family contracts down 8.1%; in the County condo contracts were down 18.9% while single-family contracts were down 25.3%.  

Calculating the absorption rate for each market segment (listings divided by contracts) gives us early indication of where the market is going. The months supply of units is up in all jurisdictions, but remains at or below a 6-month supply, a level that is generally considered indicative of a healthy market.      

"The residential housing market in the metro area has been picking up steam over the past 9 months," says GCAAR President Adrian Hunnings. "As buyers and sellers prepare for the spring market, we will begin to see how the recovery of the housing market will take shape in 2011."