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Washington D.C. experienced its third straight month of gains in overall sales and pending sales in the Greater Capital Area Association of Realtors (GCAAR) Q1 report. There was a slight increase with new sellers entering the market, and current active listings sit at 1,307, or just 1.9 months supply.
Total sales for The District topped out at 771. Whereas the median price didn’t budge from last year’s $525,000, the number of sales jumped 8.4 percent. Of the homes that did sell, the average amount of days on the market sat at just 10 days, helping to keep the sale price at approximately 99 percent of the list price.
Single-Family Detached Homes
Single-family detached homes accounted for 104 of the total sales, an 8.3 percent increase. However, due to the competitive market, GCAAR noticed a 24.7 percent boost to the number of new listings year-over-year.
The average price per square foot dropped from $463 to $454. The median price dropped 12.5 percent to $770,000 since April of last year.
Single-Family Attached Homes
There were 275 closed sales of single-family attached homes in April. With 367 current listings available, GCAAR reports that this is the strongest segment of the seller’s market.
Average price per square foot of townhouses and the like hopped 6.3 percent to $491. The median sale price for this segment dropped 1.1 percent to $652,900, and the average sale price increased to $741,833.
Condos and Co-ops
The five-year average for sales of condos in April is 328. April 2016 saw 390, an increase of 18.9 percent on the five-year average and a 6.3 percent increase year-over-year.
The average price per square foot of units bumped up to $543, while median sale price also moved north to $438,250. This is only a slight increase in both the five-year average and year-over numbers.
Montgomery County, Maryland
The only thing down in Montgomery County is condo sales. The total home sales increased 8.6 percent to 1,103. Median home price kicked up to $415,000, and both condo and detached home sales budged upwards.
The median days on the market for April was 15, similar to last year. This resulted in sellers receiving 97.3 percent of listing price at sale.
