February 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
March 26, 2016
March 26, 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.*
Overall, Area Housing Prices Decreased Compared With February 2015, but Show Slight Increases in 2016:
In February, the median overall home sale price in Washington D.C. and the surrounding area was $380,000, an average of $10,000 less than sales prices in February 2015. Some counties did see slight increases in housing prices, but these were offset by lower overall prices in the region.
However, home sale prices were slightly higher last month than in January 2016, indicating a small market increase since the start of the year.
Regional Housing Sales, Inventory,& Listings Increased in February 2016:
According to figures published by RBIntel.com:
2,874 home sales closed successfully in Washington D.C. and surrounding counties in February 2016, and half of those houses were on the market 44 days or less.
4,533 homes were listed as “sale pending” at the end of February, an increase of 32.4% over January’s numbers.
These figures reflect sale increases in all residential housing types, with condominiums, townhouses, and single-family detached homes all showing higher total sales numbers.
As of the end of February 2016, there were 8,293 homes “for sale” in the region, approximately the same as the month before but a slight increase compared with the number of homes for sale during January and February 2015.
In February there were 5,171 reported new sale listings in Washington D.C. and the surrounding area, a number 8.5% above the 5-year average. This increase in new listings may be partially responsible for the drop in some area sales prices; more inventory on the market means more buyer choice, which often has a negative impact on sales prices.
Increased Inventory Often Means More “Days on Market” Before a Sale.
In February, the median days-on-market for listed homes was 44 days, the same as median days-on-market during January, and a slight increase from February 2015 (when the median days-on-market number was 42).
The region’s fastest-selling area is Washington, D.C. (February median days-on-market: 20), and the slowest February regional market was in Falls Church City (February median days-on-market: 107).
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.