For Immediate Release
SF

15201 Diamondback Drive, Suite 100

Rockville, MD 20850

Phone: 301.590.2000
Fax: 301.590.2248 

www.gcaar.com

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Contact:
Bobette Banks
[email protected]
301-590-8764

August 11, 2014


Prices Rise But Inventory Increases as Summer Market Slows
Condo and Single-Family Inventory Up in Both Jurisdictions 

 

Prices rose for condos and single-family homes in the District of Columbia and Montgomery County in July even as inventory rose in both jurisdictions. Contract activity was mixed.

 

Washington, DC

The average days on market was down 8.5% compared to July 2013. The median price for condos rose 1.8%, with single-family homes receiving a 4.8% increase. Inventory increased 13.6% for condos, and 1.9%  for single-family homes. Condo contracts dropped 7.8%, but increased 2.7% for single-family homes. Settlements increased 5.5% for condos, and but decreased 9.4% for single-family homes compared to July 2013. 

 

Montgomery County

The average number of days on market was up 11.43% from July 2013. Median condo prices saw a 2.7% increase, and the price of single-family homes rose by 2.2%. The amount of available inventory increased in July, with a 32.4% increase for condos and a 38% increase for single-family homes. The number of contracts increased for condos by 4.7%, but decreased by 1.4% for single-family homes. Settlements dropped for condos and single-family homes: 21.9% and 16.2% respectively, compared to July 2013.   



District of Columbia
July 2014
July 2013Change
Average Days on Market: Condo &
Single-Family Homes
32
35
 -8.5%
Condo Median Price$415,000$407,500
1.8%
Condo Total Active Listings
686
604
+13.6%
New Condo Contracts This Month341
370
-7.8%
Condo Settlements This Month367
348
5.5%
Condo Absorption Rate (Total Active Listings /New Contracts)2.01
1.63
+23.3%
Single-Family Median Price
$628,750
$600,000
4.8%
Single-Family Total Active Listings
649
637
+1.9%
New Single-Family Contracts This Month
383
373
2.7%
Single-Family Settlements This Month
387
427
-9.4%
Single-Family Absorption Rate (Total Active Listings /New Contracts)
1.69
1.71
-1.2%
Montgomery CountyJuly 2014July  2013Change
Average Days on Market: Condo &
Single-Family Homes
39
35
+11.43%
Condo Median Price
$225,000
$218,999


2.7%
Condo Total Active Listings
597
451
+32.4%
New Condo Contracts This Month
287
274
4.7%
Condo Settlements This Month
217
278
-21.9%
Condo Absorption Rate (Total Active Listings /New Contracts)
2.08
1.65
+26.1%
Single-Family Median Price$475,000$465,000
2.2%
Single-Family Total Active Listings2594
1880

+38.0%
New Single-Family Contracts This Month861
873
-1.4%
Single-Family Settlements This Month843
1006
-16.2%
Single-Family Absorption Rate (Total Active Listings /New Contracts)3.01
2.15
+40.0%

GCAAR
15201 Diamondback Drive, Suite 100
Rockville, Maryland 20850