MRIS, the nation’s largest Multiple Listing Service, has released their latest data for the Washington D.C. Metro region. For November, the residential real estate market saw an amazing increase in the number of sales. Prices remained steady overall for the month; a good indication the market is pricing well for the demand. If you are planning to sell, this could be a great time to list your property considering that the data points to a solid seller’s market.
The number of closed sales in November, 2016 is higher for the month than has been reported in the last 11 years, with 3,899 closed sales filed. This is also up an incredible 16.5% from a year ago. Most homes in the Washington D.C. Metro region are also selling for close to their list price. Last month, 97.2% of the sales sold at or above their listed market price. Homes are also selling quickly, the average Days on the Market in November was 23, two days quicker than homes listed a year ago.
Median sales prices also increased in November, compared to the year prior. In looking at specific types of sales, single family homes were the key reason median sale prices rose, being reported at $489,000, or 0.8% higher. Condominiums saw a small decrease, by 1.6%, at $286,375. Townhomes also dropped in median pricing, by 1.7%, down to $400,000. The overall median sales price of all residential properties was reported by the MRIS at $407,000, 0.5% more than in November 2015. This is also the highest median price reported for November since 2005. This strong growth in median sales prices reflects the continued demand for our region’s housing market.
The Washington D.C. Metro region saw the first increase in the number of active listings in 5 months. Across the region, 4,264 new listings were added in November 2016, up by 7.1% compared to a year ago. Specifically, Single Family dwellings saw a 7.1% increase in new listings, with condo listings up by 5.7%, and townhomes up by 8.7%. Considering the continued demand for homes in this area, Sellers can see that now is a great time to list their properties.
Whether you are looking to sell, or buy a home, it is helpful and important to understand the state of the housing market. You can find all the details in the full Washington D.C. Metro Region MRIS report. You can also contact me, Ellie Shorb, your local real estate resource. I am here to be your positive, helpful partner throughout the entire process. Visit my website, contact me or my team at 240-338-8919, or email us today.