The median price of homes sold and the number of sales in the D.C. metropolitan area during May reached its highest levels in 10 years, according to new data.
A modest year-over-year increase in sales and average prices pushed the sales volume across the metro area to $3.25 billion. The figures represent sales in the District, Arlington and Fairfax and the cities of Alexandria, Fairfax and Falls Church in Virginia; as well as Montgomery and Prince George’s counties in Maryland.
Despite a continued low inventory, sales in the area also reached its highest point in a decade. May marked the 25th consecutive month that active listing or homes on the market for sale declined and inventory in the region remains lower than the previous year, with only 9,391 properties on the market at the end of the month, a nearly 5 percent drop.
But the market seems to be moving away from its inventory problem.
“There is reason to hope that this trend may slow, as the number of new listings rose by 3 percent compared to last May,” noted Nena Perry-Brown of Urban Turf.
Last month, a total of 5,720 properties went into closing in the region, according to figures reported from the list service Bright MLS, 4.8 percent up from 5,620 last year.
The reported figures also showed that home prices in the area are slowly rising. During the month of May, the median sales price of a home in the region hit a 10-year record high at $568,368, up 3 percent from a year ago. The average price for single-family homes was up more than 5 percent to $688,971, the average price of attached homes was up more than 2 percent to $462,102, and the average price of condos went up nearly 3 percent to $389,455.
Perry-Brown pointed out two signs of an increasingly competitive regional market: a decade high for homes in the region that sold nearly at the asking price, and the decade’s record matching for the lowest number of days a listing has on the market.
On average, homes sold in nine days and homes that went into closing during the month spent an average of 31 days between listing and a sales contract. Last year, the figure was 35 days. Sellers received a median of up to 99 percent of the original asking price, only slightly up from 98.8 percent.