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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.
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District of Columbia | July 2014
| July 2013 | Change | 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 Month | 341
| 370
|
-7.8%
| | Condo Settlements This Month | 367
| 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 County | July 2014 | July 2013 | Change | 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 Listings | 2594
| 1880
|
+38.0%
| | New Single-Family Contracts This Month | 861
| 873
|
-1.4%
| | Single-Family Settlements This Month | 843
| 1006
|
-16.2%
| | Single-Family Absorption Rate (Total Active Listings /New Contracts) | 3.01
| 2.15
|
+40.0%
|
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