January 2014 Market Report: A Bigger Inventory equals More Settlements

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

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

October Settlements Up; Inventory Up Over 2012

Inventory for single-family homes rose in the District during the month of October, and inventory also increased in Montgomery County for both condos and single-family homes. Settlements remained strong in both jurisdictions.

Washington, DC
The average number of days on market was down 29.4% compared to October 2012. The median price for condos was up 6.6%, and single-family homes saw an 14.9% increase. Condo inventory remained less than last year with 3.3% fewer listings, but single-family listings increased slightly, 4.3%. Condo contracts rose 23.5%, and condo settlement activity saw a 17.8% increase over 2012. Single-family contracts rose 12.6%, while single-family settlements enjoyed a robust increase of 34.3% over October 2012.

Montgomery County
The average number of days on market was down 22% from October 2012. Median condo prices saw a 5% increase, with the price of single-family homes increasing by 8.1%. The amount of available inventory increased for condos and single-family homes - 22.5% and 8.2% respectively - compared to October 2012. Condo contracts saw a 22.5% rise in October, and the number of new single-family contracts also increased by 9.2%. Condo settlements increased significantly in October, with a 45% gain, while single-family settlements saw a 20% increase.

District of Columbia	October 2013	October 2012	Change
Average Days on Market: Condo & Single-Family Homes	36	51	-29.41
Condo Median Price	$405,000	$380,000	6.6%
Condo Total Active Listings	684	707	-3.3%
New Condo Contracts This Month	373	302	23.5%
Condo Settlements This Month	305	259	17.8%
Condo Absorption Rate (Total Active Listings /New Contracts)	1.83	2.34	-21.8%
Single-Family Median Price	$599,950	$522,000	14.9%
Single-Family Total Active Listings	710	681	+4.3%
New Single-Family Contracts This Month	447	397	12.6%
Single-Family Settlements This Month	360	268	34.3%
Single-Family Absorption Rate (Total Active Listings /New Contracts)	1.59	1.72	-7.6%
Montgomery County	October 2013	October 2012	Change
Average Days on Market: Condo & Single-Family Homes	46	59	-22.03
Condo Median Price	$219,900	$209,500	5.0%
Condo Total Active Listings	500	408	+22.5%
New Condo Contracts This Month	267	218	22.5%
Condo Settlements This Month	248	171	45.0%
Condo Absorption Rate (Total Active Listings /New Contracts)	1.87	1.87	0%
Single-Family Median Price	$462,000	$427,500	8.1%
Single-Family Total Active Listings	1971	1821	+8.2%
New Single-Family Contracts This Month	795	728	9.2%
Single-Family Settlements This Month	667	556	20%
Single-Family Absorption Rate (Total Active Listings /New Contracts)	2.48	2.50	-0.8%

Source: Greater Capital Area Association of Realtors

Looking for a Realtor who is always up to date on the current market conditions? As top 1% in the nation, I offer my clients valuable information on all real estate matters. I am licensed in Washington, D.C., Maryland, and Virginia. And I specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium. Contact me today!

Contact Info:

Mynor Herrera
Keller Williams Capital Properties
License 611201
(301) 437 - 1622
For sale by agent/broker