Condo and Single-Family Prices Continue to Rise in the District County Contracts and Settlements Increase for Second Consecutive Month
District condo and single-family prices continued their upward climb in April, even though single-family inventory rose slightly. Montgomery County prices decreased and inventory rose in both areas compared to the same time last year. Condo and single-family contracts and settlements increased in the County for the second consecutive month compared to April 2014.
Washington, DC
The days on market was up by two days (6.06%) compared to April 2014. The median price for condos rose 7.5%, with single-family homes increasing by 9.1%. Inventory dropped 0.6% for condos, but increased by 4.5% for single-family homes. Contract activity increased by 3.2% for condos, and 6.9% for single-family homes. Condo settlements saw a sizable increase, 21.4%, and single-family homes increased 4.7% compared to April 2014.
Montgomery County
The average number of days on market was up by 12 days (27.27%) compared to April 2014. Median condo prices dropped by 1.3%, and single-family homes dropped slightly, 0.3%, compared to the same time last year. The amount of available inventory increased in April, with a 26.8% increase for condos and a 15.3% increase for single-family homes. The number of contracts rose slightly for condos, 0.3%, and single-family homes saw a 13% increase. Condo settlements increased by 5.4% and single-family settlements increased by 20.8% compared to April 2014.
|
District of Columbia | April 2015
| April 2014 | Change | Average Days on Market: Condo & Single-Family Homes | 35
| 33
|
6.06%
| Condo Median Price | $430,000 | $399,900 |
7.5%
| Condo Total Active Listings
| 632
| 636
|
-0.6%
| New Condo Contracts This Month | 452
| 438
|
3.2%
| Condo Settlements This Month | 375
| 309
|
21.4%
| Condo Absorption Rate (Total Active Listings /New Contracts) | 1.40
| 1.45
|
-3.4%
| Single-Family Median Price |
$625,000
| $573,000 |
9.1%
| Single-Family Total Active Listings |
605
|
579
|
4.5%
| New Single-Family Contracts This Month |
494
|
462
|
6.9%
| Single-Family Settlements This Month | 337
|
322
|
4.7%
| Single-Family Absorption Rate (Total Active Listings /New Contracts) |
1.22
|
1.25
|
-2.4%
| | | | | Montgomery County | April 2015 | April 2014 | Change | Average Days on Market: Condo & Single-Family Homes | 56
| 44
| 27.27%
| Condo Median Price |
$220,000
|
$223,000
|
| Condo Total Active Listings
| 677
| 534
|
26.8%
| New Condo Contracts This Month |
305
|
303
|
0.7%
| Condo Settlements This Month |
235
| 223
|
5.4%
| Condo Absorption Rate (Total Active Listings /New Contracts) | 2.21
|
1.76
|
25.6%
| Single-Family Median Price | $440,000 | $441,185 |
-0.3%
| Single-Family Total Active Listings | 2452
| 2127
|
15.3%
| New Single-Family Contracts This Month | 1197
| 1059
|
13.0%
| Single-Family Settlements This Month | 783
| 648
|
20.8%
| Single-Family Absorption Rate (Total Active Listings /New Contracts) | 2.05
| 2.01
|
2.0%
|
|