DC metro trends reflect 2006 conditions after months of improvements

The Washington, D.C. metro hasn’t looked this good since 2006, according to new data provided by RealEstate Business Intelligence, a subsidiary of MRIS. September marked the 10th consecutive month of annual increases, marking a 15.4 percent increase over September 2014.

A total of 4,117 homes closed in September in DC, showing a major uptick in both the five-year and 10-year averages by 16.3 percent and 15.1 percent, respectively. All aspects of the housing market are playing into the overall success, but the single-family home is leading the pack with a year-over-year increase of 20.3 percent.

These trends aren’t anticipated to wane anytime soon. RealEstate Business Intelligence found pending sales and new contracts to have increased over last year. September saw 4,781 new pending home sales which beat the 10-year average by a whopping 24 percent.

The growing demand for housing is naturally a boon in the realm of home prices. Since September 2014, home prices upticked by 2.6 percent reaching the highest point during that month since 2006 for the DC Metro area. Washington, D.C. on its own has increased year-over-year by 10.1 percent.

New listings are up 3.2 percent in September to 6,882 for the 10th consecutive month of increases, despite the slowing of inventory increases. There were 12,955 active listings in September 2014, which is a 6.5 percent increase over last year.

The number of days on market increased just slightly by two days over the previous month and one day over the previous year to a median of 27.

While overall closed sales dipped from August, that trend is to be expected for this time of the year. However, new contracts are at the best level in the past 10 years and even surpassed August by 1.4 percent.

Email Kimberly Manning.