Real Estate Blog

 

March's median sales price was $555,451, showing an increase of 3.8 percent over last year's median and is the highest March level on record. The 708 March sales represented a 9.0 percent decrease versus last year (the highest March value since 2005) and is 7.7 percent above the March 5-year average of 657. Even with the median sales price at record highs, supply is scarce with only 1.6 months of supply on hand. There was an 8.3 percent dip in contract activity compared to last March. The 889 overall new pending sales topped the five-year March average by 1.0 percent. Closed sales were down in all three segments compared to last March. Half the homes sold in March were on the market for 13 days or less and the competition among buyers kept the median percent of asking price at 100 percent.

 

* Closed sales. The 708 March sales represented a 9.0 percent decrease versus last year and above the March 5-year average of 657. The 1,892 cumulative year-to-date sales are 1.3 percent less than the number sold through March of last year.    * Contract activity. There was an 8.3 percent dip in contract activity compared to last March. The 889 overall new pending sales topped the five-year March average by 1.0 percent.    * Listing activity. The number of new listings decreased 3.1 percent compared to last March. The 1,219 new listings is 8.2 percent above the five-year March average.    * Inventory. The 1,152 active listings at month's end are 9.0 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 1,152 active listings represent just 1.6 months of supply.    * Prices. March's median sales price was $555,451, showing an increase of 3.8 percent over last year's median and is the highest March level on record.    * Days on Market (DOM). Half the homes sold in March were on the market 13 days or less prior to contract, one day slower than in March 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 March.

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