Steady growth in new pending sales; Prices unchanged as inventories rise modestly versus 2014
Rockville, MD – (December 10, 2015) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on November 2015 MRIS housing data.
OVERVIEW
The Washington, D.C. housing market continued to see solid increases in closed and pending sales in November, with pending sales at the best levels in a decade. Median sales prices were unchanged from last year but up 1.5% from last month. Inventories continue to grow at rate similar to the last several months, driven by the highest November level of new listings in five years.
November closed sales of 3,347 were up 10.2% compared to last year and down 13.5% compared to last month. New contracts of 4,186 were at the highest November level in at least a decade, up 7.4% compared to last year although down 12.7% compared to last month. The overall median sales price of $405,000 was unchanged compared to last year and up 1.5% or $6,000 compared to last month. Median prices for townhomes rose 2.4% to $407,000 and single-family detached rose 2.2% to $485,000, while condos declined 6.1% to $291,000. Compared to last month, single-family detached prices were up 2.6%, townhomes were up 2.5% and condos were down 4.6%.
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