August 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
September 25, 2016
September 25, 2016
*Market information courtesy of RBIntel.com
4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*
August Median Housing Prices in the Washington D.C. Area Reached the Highest August Levels in Almost a Decade:
In August,median home sale pricesin the Washington D.C. area were$420,750 – a 2.4% increase over August 2015 and the highest average August prices since 2007. Sales volume also rose, with August 2016 sales a striking 16% higher than last year’s August numbers. Single-family home and townhouse sales increased in August, but the total number of condominium sales was lower – 3.4% below July 2016 numbers.
On average, Falls Church City remainsthe most expensive place to buy, with an August median sales price of $799,000, and Prince George’s County is the most affordable: median sales pricesthere in August were just over $257,000.
Regional Housing Sales Increased inAugust 2016, While New Listings, & Inventories Saw a Slight Decline.
According to figures published by RBIntel.com:
5.089home sales closed in Washington D.C. and the surrounding counties in August 2016, almost a 13% increase over August of 2015.
Pending sales increased over 2015 numbers as well, with 4,907 properties reported as “sale pending” at the end of August—more than 4% higher than August 2015, but almost a 7% drop over pending sales figures from July of 2016. This may suggest an overall market slowdown as autumn approaches, but the numbers still show improvement over 2015 figures.
New sales listings decreased in August, with only 5,500 new properties on the market – over 11.5% lower than July’s new inventory and more than 5% lower than new listings in August 2015. All three types of residential properties: single-family houses, townhomes, and condominiums showed reduced inventory in August.
Average “Days on Market” Increased Slightly in August 2016.
The median days-on-market for listed properties in Washington D.C. and the surrounding counties in August 2016 was 22 days –three dayslower than August averages from 2015, but five days higher than the average DOM in July of 2015.
Alexandria City remained the slowest regional market in July (median days-on-market: 27), and Falls Church City remained the fastest-moving area, with amedian DOM of 6 (two daysshorter than July’s numbers).
Sales numbers vary from county to county, and even among neighborhoods, and the speed and success of a housing sale is dependent on many factors, from listing price to home condition and comparable listings in the area. Your personal experience may vary, but knowing the average numbers is still helpful when making plans to sell your home, either through a realtor or to an investor.