The median sales price in the Washington region reached its highest level on record for May, according to data released on June 3, presenting further economic proof that the housing recovery is in full swing here.
The median sales price in the area reached $424,000, according to the report by RBI (RealEstate Business Intelligence - a subsidiary of the Rockville-based multiple listing service MRIS)
While the rising prices could ultimately benefit buyers, it could be good for sellers as well. During the past year, the inventory has been at historically low levels. But according to RBI, new listings increased 20 percent from April to May.
Bidding wars in neighborhoods across the region have been driven by low inventory and high demand and because of this, it has pushed houses out of reach for a lot of buyers especially for those with limited means and one who are in the market for the first time. The report indicates that an steady increase in the median sales price is prompting more sellers to list their homes.
A collaborator of RBI, the Center for Regional Analysis at George Mason University said last month that they noticed the new listings surged 22 percent from March to April.
Higher new listings for the past two months may be an indication of the beginning of a trend instead of a fluke. According to the report, if the trend will continue, prices could possibly stabilize thus helping first-time buyers afford their choice of homes.
In order to make a significant impact, the surge in new listings would have to continue for several more months as the number of active listings still fail to keep up in terms of sales.
It says on the report that in May 2013, the median sales price of $424,000 embodied an 8.2 percent increase from May 2012. It also surpassed the previous record in May 2005 of $420,000.
According to the report, other aspects of the market are at bottom levels. For instance:
The median sales price in the area reached $424,000, according to the report by RBI (RealEstate Business Intelligence - a subsidiary of the Rockville-based multiple listing service MRIS)
While the rising prices could ultimately benefit buyers, it could be good for sellers as well. During the past year, the inventory has been at historically low levels. But according to RBI, new listings increased 20 percent from April to May.
Bidding wars in neighborhoods across the region have been driven by low inventory and high demand and because of this, it has pushed houses out of reach for a lot of buyers especially for those with limited means and one who are in the market for the first time. The report indicates that an steady increase in the median sales price is prompting more sellers to list their homes.
A collaborator of RBI, the Center for Regional Analysis at George Mason University said last month that they noticed the new listings surged 22 percent from March to April.
Higher new listings for the past two months may be an indication of the beginning of a trend instead of a fluke. According to the report, if the trend will continue, prices could possibly stabilize thus helping first-time buyers afford their choice of homes.
In order to make a significant impact, the surge in new listings would have to continue for several more months as the number of active listings still fail to keep up in terms of sales.
It says on the report that in May 2013, the median sales price of $424,000 embodied an 8.2 percent increase from May 2012. It also surpassed the previous record in May 2005 of $420,000.
According to the report, other aspects of the market are at bottom levels. For instance:
- The District and Alexandria posted record highs in their median sales prices, respectively $490,000 and $525,000.
- Prince George’s County had the highest 12-month growth rate in the price, rising 18.8 percent from May 2012 to last month.
- Sales in the region reached 5,088 in May, a 13.6 percent increase from the year before.
- The median days on the market reached nine, the lowest level since the summer of 2005.
- The average sold-to-original-list price ratio reached the highest level since October 2005: 98.6 percent.
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