February was a hot month for the DC metro area’s housing market with both median home prices as well as closed and pending sales hit 10-year February highs. However, the area continued to struggle to meet homebuyer demand with a shrinking housing supply last month, according to the recently released DC Metro Area Housing Market Update by RealEstate Business Intelligence (RBI).
Median home prices in the DC metro area climbed 5.2 percent year-over-year to $399,700, the highest February total over the last 10 years, says RBI data.
All property types recorded year-over-year price gains in February, with condos increasing 10 percent to $300,000, single-family detached homes up 5.5 percent to $480,000 and townhomes increasing 5.2 percent to $399,700.
February’s median prices are above both the 5-year and 10-year averages of $379,940 and $351,160, respectively. The metro area’s median price is also 33.2 percent higher than the 2011 February low of $300,000, and 2.5 percent above 2015’s previous February high of $390,000.
Sales volume soared nearly 17 percent over last year, totaling almost $1.6 billion in February. Closed sales were up 7.8 percent to 3,098 from last year, a 10-year February high. Pending sales hit 4,656 in February, up 2.7 percent from last year and also recording a new February high.
Active listings were down almost 10 percent year-over-year in February, marking the 10th consecutive month of year-over-year inventory declines. Last month’s inventory was at its lowest February level since 2014, according to RBI.
But, active listings were up nearly 4 percent from the previous month in February.
Sellers received 97.4 percent of their original listing price in February, up from last year’s 96.7 percent — but it was only slightly higher than the 97 percent recorded in January.
Homes were listed for an average of 28 days in February, 16 days fewer than the previous year.
The report uses data provided by MarketStats by ShowingTime, and is based on listing activity from the listing service MRIS. The data was analyzed by economist Elliot Eisenberg.
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