Low Inventory Still the Story for DC Condos and Single-Family Homes
Contract and Settlement Activity Remains Brisk for Both Jurisdictions
Inventory remained tight in the District for condos and single-family homes during the month of August. Condo inventory rose slightly in Montgomery County, but there was less available single-family inventory than the same time last year. Both jurisdictions continue to see strong contract and settlement activity.
The average number of days on market was down 30% compared to August 2012. The median price for condos was up 6.5%, and single-family homes saw an 14.3% increase. Available inventory continued to decline in August, with 20.8% fewer condo listings and 5.4% fewer single-family listings. Condo contracts rose 7%, and condo settlement activity was robust with a 43.6% increase over 2012. Single-family contracts increased 12.5%, with single-family settlements showing a 5.7% increase over August 2012.
The average number of days on market was down 28% from August 2012. Median condo prices saw a 7.3% increase, with the price of single-family homes increasing by 8.1%. The amount of available inventory for single-family homes was 5.4% lower than last year, but condo inventory increased 1.6% compared to August 2012. New condo contracts saw a 11.4% in August, and new single-family contracts rose by 10.8%. Settlements were again on the rise in August, with a 13.9% gain for condos, and a 19.7% increase for single-family homes.
Washington, DC
The average number of days on market was down 30% compared to August 2012. The median price for condos was up 6.5%, and single-family homes saw an 14.3% increase. Available inventory continued to decline in August, with 20.8% fewer condo listings and 5.4% fewer single-family listings. Condo contracts rose 7%, and condo settlement activity was robust with a 43.6% increase over 2012. Single-family contracts increased 12.5%, with single-family settlements showing a 5.7% increase over August 2012.
Montgomery County
The average number of days on market was down 28% from August 2012. Median condo prices saw a 7.3% increase, with the price of single-family homes increasing by 8.1%. The amount of available inventory for single-family homes was 5.4% lower than last year, but condo inventory increased 1.6% compared to August 2012. New condo contracts saw a 11.4% in August, and new single-family contracts rose by 10.8%. Settlements were again on the rise in August, with a 13.9% gain for condos, and a 19.7% increase for single-family homes.
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