Real Estate in Washington DC & NVA
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Real Estate in Washington DC & NVA
Washington DC Real Estate Listings

WASHINGTON DC REAL ESTATE MARKET UPDATE

Spring began early in the 2017 Washington DC real estate market, with big jumps in most metrics. Here’s the just released market data for the past 30 days:

Washington DC All Home Types

Closed sales increased modestly from January to February at 541 sales (up 0.7%), but reflected a 15.6% increase from the same time last year.

Total Sold Volume in February was $383,124,272. This was a 31.9% increase Y-o-Y and a 4.5% jump from January.

Median Sold Price was $519,000., down 3.4% from last February and -1.6% from January.

Median Days On Market was 18 days, lower than both the Y-o-Y (-10%) and M-o-M (-21.7%) numbers.

Median Price Per Sq Foot was $504.00, a 2.4% increase from last February and up 8.9% from January 2017.

February saw 1.7 months of inventory, up slighting from the 5 year average of 1.6 months.

Condos & Co-Ops in Washington DC

Median sold price for February was $455,000., up 0.6% compared to January and +3.5% from February 2016. Average Days On Market for February was 46 days, 17% below the 5-year February average of 55 days. There was a 16.6% M-o-M increase in new contract activity with 373 New Pending sales, reflecting an 11.9% M-o-M increase in All Pendings (new contracts + contracts carried over from January) to 489. February saw a 12.4% increase in supply to 598 active units.

This activity resulted in a Contract Ratio of 0.82 pending sales per active listing, unchanged from January and a decrease from 0.88 in February 2016. The Contract Ratio is 10% lower than the 5-year February average of 0.91. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

How did your neighborhood and home type fare?

Why does market data matter in Washington DC real estate?

 

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5user792800

In today's market in this area, you cannot rely on luck to get you that perfect place for a great deal - you need to have an agent who knows the market cold, is aggressive, and effective - Susan is all of those things and more. I recently closed on a new... (more)

5MichelleH22

We loved working with Susan and Alex! They made it their personal mission to help us find a place that matched our needs and desires. They put in many (often last minute) hours of research, planning and negotiating on our behalf - all we had to do was show up... (more)

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I can't imagine going through the home-buying process without Susan. She was with us every step of the way, from explaining our options at the very beginning to negotiating seller credits. She kept the process in motion so that we closed in about a month.... (more)

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