DC Condo Inventory Drops Prices Show Slight Increase; Days on Market Continue to Rise in the County
District condo inventory dropped in November as both jurisdictions saw modest price increases for condos and single-family homes. Montgomery County saw a slight increase in single-family contracts and settlements compared to November 2013, but inventory and days on market were higher compared to the same time last year.
Washington, DC
The average days on market was down one day compared to November 2013. The median price for condos rose 2.1%, with single-family homes increasing by 3.3%. Inventory dropped 4.5% for condos, but rose 0.6% for single-family homes. Contract activity dropped slightly for condos, 0.4%, but increased 4.6% for single-family homes. Settlements increased 16.8% for condos, but dropped 2.1% for single-family homes compared to November 2013.
Montgomery County
The average number of days on market was up 14 days compared to November 2013. Median condo prices saw a 1.5% increase, and the price of single-family homes rose by 0.6%. The amount of available inventory increased in November, with a 25.9% increase for condos and a 29.9% increase for single-family homes. The number of contracts decreased 4% for condos, but increased by 8.1% for single-family homes. Settlements dropped for condos, 12.2%, but increased by 1.1% for single-family homes compared to November 2013.
|
District of Columbia | November 2014
| November 2013 | Change | Average Days on Market: Condo & Single-Family Homes | 39
| 40
|
-2.50%
| Condo Median Price | $416,250 | $407,500 |
2.1%
| Condo Total Active Listings
| 621
| 650
|
-4.5%
| New Condo Contracts This Month | 274
| 275
|
-0.4%
| Condo Settlements This Month | 278
| 238
|
16.8%
| Condo Absorption Rate (Total Active Listings /New Contracts) | 2.26
| 2.36
|
-4.2%
| Single-Family Median Price |
$620,000
| $600,000 |
3.3%
| Single-Family Total Active Listings |
662
|
658
|
+0.6%
| New Single-Family Contracts This Month |
365
|
349
|
4.6%
| Single-Family Settlements This Month | 278
|
284
|
-2.1%
| Single-Family Absorption Rate (Total Active Listings /New Contracts) |
1.81
|
1.89
|
-4.2%
| | | | | Montgomery County | November 2014 | November 2013 | Change | Average Days on Market: Condo & Single-Family Homes | 58
| 44
| +31.82%
| Condo Median Price |
$223,099
|
$219,900
|
1.5%
| Condo Total Active Listings
| 573
| 455
|
+25.9%
| New Condo Contracts This Month |
217
|
226
|
-4.0%
| Condo Settlements This Month |
173
| 197
|
-12.2%
| Condo Absorption Rate (Total Active Listings /New Contracts) | 2.64 |
2.01
|
+31.3%
| Single-Family Median Price | $462,900 | $460,000 |
0.6%
| Single-Family Total Active Listings | 2170
| 1671
|
+29.9%
| New Single-Family Contracts This Month | 710
| 657
|
8.1%
| Single-Family Settlements This Month | 562
| 556
|
1.1%
| Single-Family Absorption Rate (Total Active Listings /New Contracts) | 3.06
| 2.54
|
+20.5%
|
|