OVERVIEW
In April, buyer activity remained lower than the previous year in the Washington DC Metro Area. Both closed sales and new pending sales were below their levels from this time last year, with all property segments posting declines in each category. However, some of the decline in closed and pending sales was due to a decrease in short sales and foreclosures. After 2008, like the nation, the DC metro region had an increasing number of bank-mediated sales. The number of bank-mediated sales peaked in 2010 and has since been declining, falling from 15.1 percent of total sales in April 2013 to 10.7 percent of all sales in April 2014. While this decline is a result of fewer distressed properties in the market, it has also depressed the total number of sales. Closed sales decreased 8.3 percent, or by 350 sales, but non-bank mediated sales only fell by 3.5 percent, or by 127 sales. Bank mediated sales declined 35.0 percent, or by 223 sales, and accounted for 63.7 percent of the decline in total sales. Bank mediated sales had a similar role in new pending contracts, accounting for 42.5 percent of the decline in new contracts, despite being a smaller share of the market.
CLOSED SALES
Fourth consecutive month of year-over-year declines; higher April-level than 2012 and 2011. For the fourth consecutive month, the number of closed sales in the Washington DC Metro Area decreased from the prior year.
PRICES
Highest April-level since 2007; 27th month in a row of year-over-year increases. At $412,500, the median sales price in the Washington DC Metro Area increased 3.1 percent from this time last year. This is the 27th consecutive year-over-year increase and the highest April-level in seven years. The median sales price for townhomes had the largest increase from last year, rising 7.8 percent to $415,000, which matches the highest level on record for this segment.
NEW CONTRACTS
Fifth consecutive year-over-year decrease; declines in all property segments. There were 5,644 new contracts signed in April, 8.5 percent, or 527 contracts, fewer than this time last year. This is the fifth consecutive month of decreases for this indicator.
INVENTORY
Seventh consecutive year-over-year increase in active listings; mild increase in new listings. There were 8,871 active listings in the Washington DC Metro Area at the end of April, which is 24.5 percent, or 1,748 listings, more than this time last year. Active listings have now increased from the prior year for seven months in a row. Despite this increase, active listings are 65.8 percent lower than their September 2007 peak.
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