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?