What Happened to Home Prices in the DC Metro Area in April?

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

After a recent pattern of rising inventory and declining sales, the April housing report by ShowingTime indicated that the housing market had improved.  The DC metro area market offered record home prices together with robust sales. 

The median home price in the DC area hit an all-time high of $475,000 in April, a 5.6 percent year-over-year increase. Home prices rose in every jurisdiction in the area, except for DC proper where they fell slightly, but still by less than a percent. 

"[The record prices] were driven by a 6.4 percent increase in condo pricing along with a higher ratio of single family homes sold as compared to condos and townhouses,” said Andrew Strauch, Vice President at Bright MLS. 

Despite prices hitting an all-time high, home buyers were undeterred. There were just shy of 5,000 closed sales in the region in April, the highest level for the month in ten years. It was also the first month since last July that home sales rose on an annual basis. In addition, buyers were not getting a discount. The average percent of original list price received at closing was 99.3 percent, the highest level for the month of April in the last decade. 

Prospective home buyers who hoped that the inventory of homes for sale would continue to rise in the coming months will be disappointed by the news in April. Driven by rising sales and fewer new listings coming online, the inventory of homes for sale in the region fell 13 percent last month and are now just six percent above the 2013 low of 7,123 active listings. The inventory for every property type fell, with condo supply dropping by 26 percent. 

It is not surprising with such tight inventory that in areas like Dupont Circle some condos are receiving over 20 offers! 

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Rainmaker
3,174,842
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lise, it has been a while hope you are well, I miss the interaction, Endre

May 13, 2019 09:56 PM #1
Rainer
488,833
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Lise,

20 offers. That is a lot. My record is now 56. Crazy times. Despite the fact that we only need that one house, it can be exceedingly hard to find sometimes.

May 13, 2019 10:09 PM #2
Rainmaker
1,648,683
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Endre Barath, Jr. - I have been well but just crazy busy and without admin support - I am interviewing and trying to find the right fit - yet again- but thank you for noticing - I really appreciate your comment

May 14, 2019 04:03 AM #3
Rainmaker
2,827,759
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Lise.

Looking at the median sales price, I can tell you that the D.C. area, is way outside of my pay grade

May 14, 2019 04:07 AM #4
Rainmaker
2,974,579
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Lise... was just thinking of you the other day as I hadn't seen you here in the Rain for a while. Nice to see you "back." As for DC home prices, I can't remember when they weren't crazy high and nothing seems to change.

May 14, 2019 04:24 AM #5
Rainmaker
3,241,018
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Lise - thank you for sharing the recent positive Washington D.C. real estate results.  Informative.    Local.  

May 14, 2019 05:05 AM #6
Rainmaker
4,869,981
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Lise Howe it continues to be a challenging market across most of the country....

May 14, 2019 05:42 AM #7
Rainmaker
2,447,555
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is a good summary of what is going on in the DC Metro area, I hope that you are doing well my friend!

May 14, 2019 06:50 AM #8
Rainmaker
1,153,835
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Lise Howe - I am amazed that a home could get so many offers but then again, Sedona is such a different market and nothing like metro markets. 

May 14, 2019 07:32 AM #9
Rainer
360,312
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update Lise, all the best to you as you get many of these properties listed and sold.

May 14, 2019 08:19 AM #10
Rainmaker
1,847,169
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Lise -  It does not seem like the robost market will slow down and inventory will remain tight.

May 14, 2019 06:56 PM #11
Rainmaker
3,124,267
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Nice review of the DC home and condo market. Looks like it's a strong one, and buyers must be ready when they are listed!

May 15, 2019 04:12 AM #12
Rainmaker
5,264,374
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Prospective home sellers and home buyers will be in very good hands when they seek your advice and use your professional real estate services.

May 15, 2019 07:06 AM #13
Rainmaker
4,020,299
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lise, sounds like your market is still crazy, with no end in sight.   Glad you have been busy.

May 17, 2019 02:31 PM #14
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Lise Howe

Assoc. Broker and Attorney Licensed in DC, MD, VA,
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