Low Inventory and Rising Prices: Good Indicators of an Active Spring Market
Inventory remained tight and median sales prices were up in both jurisdictions, for condos and single-family homes. The condo market continued to rebound with settlements in the District and Montgomery County up significantly over May 2012.
Washington, DC
The average number of days on market was down 20.83% from May 2012. The median price for condos was up 5.2%, and single-family homes saw a 6.6% increase in the median price. Available inventory continued to decline compared to May 2012, with 34.2% fewer condo listings and 26.7% fewer single-family listings. Condo contract and settlement activity was brisk in May, with a 32.7% increase over 2012 for contracts, and a 31.4% increase in settlements. Single-family contracts in the District increased slightly, 6.8%, and single-family settlements saw a 9.3% increase over May 2012.
Montgomery County
The average number of days on market was down 37.7% over May 2012. The median price was virtually unchanged for condos, but increased just slightly, 4.7% for single-family homes. Available inventory decreased for condos by 11.1%, and also for single-family homes, 24.5%. New condo contracts increased by 17.4% in May, and new single-family contracts rose by 10.8%. Condo settlements also showed a sizeable increase in May, 22.3%, and single-family settlements increased 5.0%.
Source:
Greater Capital Area Association of Realtors
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