18th consecutive month-October prices remain high in DC area as inventories decline

OVERVIEW OF THE DC METRO MARKET:

• The Washington D.C. Metro median sales price of $413,125 was up 3.3% or $13,125 compared to last year and up 2.0% or $8,125 compared to last month.  This is the highest October price of the decade and the 13thconsecutive month of year-over-year price increases.
• Sales volume across the DC Metro area was more than $2.2 billion, up 12.8% from last year.
• Closed sales of 4,320 were up 8.8% compared to last year and up 6.9% compared to last month.  
• New contracts of 4,969 were up 2.2% compared to last year and up 3.3% compared to last month. 
• New listings of 5,770 were up 6.9% compared to last year but down 17.2% below last month.
• Active listings of 10,105 are down 2.8% compared to last year and down 7.3% compared to last month. This is the 18th consecutive month of declines in year-over-year inventory levels.
• The average percent of original list price received at the sale in October was 98.0%.
• The median days-on-market for October 2017 was 17 days, six days lower than last year.

Falls Church City remains the most expensive location in the region, with a median sales price of $606,950, down 13.6% from last year. 

Closed Sales in DC Metro:

• Closed sales of 4,320 were up 8.8% from last year and up 6.9% from last month.
• Year-to-date sales are up 4.4% to 47,239. All jurisdictions except Montgomery County (-0.1% or 8 sales) show gains in sales, with the largest percentage gain in Fairfax City (+38.8% or 109 sales) and the smallest in Fairfax County (+2.7% or 363 sales).

New Pending Sales in DC Metro:

• New pending sales of 4,969 were up 2.2% compared to last year, and were up 3.3% compared to last month.
• Pending sales activity across the region was mostly up, with the largest percentage increase in Falls Church City, which was up from 12 new pending sales to 15 or 25.0%, and the smallest increase in Montgomery County, where new pending sales were up 0.5% or 6. Only Fairfax City saw pending sales decline, from 33 to 31 (-6.1%)

New Listing Activity DC Metro Real Estate Market:

• October’s 5,770 new listings were up 6.9% from last year, but were down 17.2% from last month.
• Across the region, Falls Church City saw the only percentage decrease in new listings (-62.5% to 9). The largest percentage increase was in Fairfax City (+21.2% to 40). 
• For the year-to-date, new listings across the entire DC Metro area are up 2.6% compared to last year to 67,339.

Average Sales Price to Original List Price Ratio (SP to OLP)

• The regional average sales price to original listing price ratio (SP to OLP ratio) for October was 98.0%, up from both last year’s 97.4% and last month’s 97.6%.
• Townhomes have the highest October SP to OLP ratio of 98.7%. Condos have an SP to OLP ratio of 98.1% and single-family detached homes have an SP to OLP ratio of 97.5%.
• October’s SP to OLP ratio exceeds the 5-year average of 97.4% and the 10-year average of 95.7%.
• Over the last decade, the lowest October average sales price to original listing price ratio was in 2008, when it was 92.2%. Prior to this year, the highest October SP to OLP ratio had been the 97.7% seen in 2013.
• Washington D.C. had the highest regional SP to OLP ratio of 99.0%, up from last year’s 98.7%.
• Falls Church City had the lowest SP to OLP ratio of 96.3%, down from last year’s 97.7%. 
• For the year-to-date, the regional SP to OLP ratio is 99.0%, up just slightly from last year’s 98.8%.

Days-on-market (DOM)

• The median days-on-market (DOM) in October was 17 days, down six days from last year’s 23 days, and down three days from last month’s 20 days.
• Washington D.C. has the lowest median DOM of 9 days, down from 12 days last year.
• For the year-to-date, the overall regional median DOM is 15 days, down from 20 days last year.

About the DC Metro Housing Market Update The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.