2013 ended with higher home prices in the District of Columbia and Montgomery County, with homes spending less days on the market than in 2012. Settlements increased for condos and single-family homes in both jurisdictions, but inventory was higher compared to December 2012
Source: Greater Capitol Area Association of REALTORS
Washington D.C.
The average number of days on the market was down 37.9% compared to December 2012. The median price for condos was up 7.5% and single family homes saw a 13.2% increase. Condo and single family inventory increased in December with a 11.9% increase for condos and a 1.5% increase for single family homes. Condo contracts dropped slightly, 2.7%, but condo settlement activity 23.3% increase over December 2012. Single family contracts also dropped slightly, 1.5%, but single family settlements rose 16.8% over December 2012.
Montgomery County
The average number of days on the market was down 13.1% from December 2012. Median condo prices saw a 5.7%, with the price of single-family homes increasing by 8.2%. The amount of available inventory increased in December with a 21.1% increase for condos and a 8.1% increase for single-family homes compared to December 2012. Condo contracts decreased 1.9% in December but the number of single-family contracts saw a slight increase of 0.8%. Condo settlements increased 13.6% and single-family settlements increased by 8.4% compared to December 2012.
|
District of Columbia
|
December 2013
|
December 2012
|
Change
|
|
Average Days on Market: Condo &
Single-Family Homes
|
36
|
58
|
-37.93
|
|
Condo Median Price
|
$408,500
|
$380,000
|
7.5%
|
|
Condo Total Active Listings
|
554
|
495
|
+11.9%
|
|
New Contracts This Month
|
216
|
222
|
-2.7%
|
|
Condo Settlements this Month
|
318
|
258
|
23.3
|
|
Condo Absorption Rate (Total Active
Listings/New Contracts)
|
2.56
|
2.22
|
15.3%
|
|
Single Family Median Price
|
$599,900
|
$530,000
|
13.3%
|
|
Single Family Total Active Listings
|
534
|
526
|
-1.5%
|
|
New Single-Family Contracts This
Month
|
257
|
261
|
-1.5%
|
|
Single Family Settlements This Month
|
355
|
304
|
16.8%
|
|
Single Family Absorption Rate (Total
Active Contracts/ New Contracts)
|
2.08
|
2.02
|
3.0%
|
|
Montgomery County
|
December 2013
|
December 2012
|
Change
|
|
Average Days on Market: Condo &
Single-Family Homes
|
53
|
61
|
-13.11
|
|
Condo Median Price
|
$220,900
|
$208,225
|
5.7
|
|
Condo Total Active Listings
|
419
|
346
|
+21.1%
|
|
New Condo Contracts This Month
|
159
|
162
|
1.9%
|
|
Condo Settlements this Month
|
209
|
184
|
13.6%
|
|
Condo Absorption Rate (Total Active
Listings/New Contracts)
|
2.64
|
2.14
|
23.4%
|
|
Single Family Median Price
|
$460,000
|
$425,000
|
8.2%
|
|
Single Family Total Active Listings
|
1330
|
1230
|
+8.1%
|
|
New Single-Family Contracts This
Month
|
483
|
479
|
0.8%
|
|
Single Family Settlements This Month
|
622
|
574
|
8.4%
|
|
Single Family Absorption Rate (Total
Active Contracts/ New Contracts)
|
2.75
|
2.57
|
7.0%
|
Source: Greater Capitol Area Association of REALTORS
Want a team of Realtors that keep up with the latest market information about the D.C. and Montgomery County housing market? Contact Mynor and Associates to help you find your dream home!
Mynor Herrera
Keller Williams Capitol Properties
License 611201301-473-1622
For Sale by Agent/Broker
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