June 2018 Washington, DC Market Trends Report Median sales price reaches highest June level on record

Posted by The Team USA on Monday, July 30th, 2018 at 1:35pm.

Washington, DC - (July 12, 2018) - The following analysis of the Washington, DC housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.
 
June's median sales price was $603,375, beating last year's median and showing the highest June level on record. The 890 June sales represented a 1.2 percent decrease versus last year and above the June five -year average of 880. Even with the median sales price at record highs, supply is scarce with only 2.0 months of supply on hand. There was a 1.5 percent bump in contract activity compared to last June. The 1,002 overall new pending sales topped the five-year June average by 6.9 percent. Closed sales were down in all three segments compared to last June. Half the homes sold in June were on the market for 10 days or less and the competition among buyers kept the median percent of asking price at 100 percent
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* Closed sales. The 890 June sales represented a 1.2 percent decrease versus last year and above the June 5- year average of 880. The 4,552 cumulative year-to-date sales are .7 percent more than the number sold through June of last year.
 
* Contract activity. There was a 1.5 percent bump in contract activity compared to last June. The 1,002 overall new pending sales topped the five-year June average by 6.9 percent. 
 
* Listing activity. The number of new listings decreased 7.6 percent compared to last June. The 1,246 new listings is below the five-year June average. 
 
* Inventory. The 1,484 active listings at month's end are 1.4 percent less than at the same point last year. 
 
* Months of Supply. Supply remains scarce relative to demand, continuing to drive a strong seller's market in the District. The 1,484 active listings represent just 2.0 months of supply.
 
* Prices. June's median sales price was $603,375, beating last year's median and showing the highest June level on record. 
 
* Days on Market (DOM). Half the homes sold in June were on the market 10 days or less prior to contract, two days slower than in June 2017. 
 
* Sales Price to Original List Price Ratios (SP to OLP). Half the sellers received 100.0 percent of original list price or less, the same as last June.
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