DC area prices reach highest monthly level on record in May

Washington D.C. Metro home prices set new all-time high of $460,000.  May closed sales and new pending sales at decade highs; inventories continue to shrink by double-digits.

Rockville, MD – (June 12, 2017) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on May 2017 Bright MLS housing data.

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OVERVIEW

  • The Washington D.C. Metro median sales price of $460,000 was up 7.0% or $30,000 compared to last year.  This represents the all-time high for any month on record, topping the previous high of $446,000 reached in June 2016.
  • Sales volume across the DC Metro area was over $3.1 billion, up 9.7% from last May.
  • Closed sales of 5,620 were up 3.5% compared to last year and set a May high for the decade.
  • New contract activity of 6,668 was 4.4% above last year’s May record of 6,385.
  • New listings of 8,085 were up 8.7% compared to last year and up 5.5% compared to last month.
  • Active listings of 9,865 are down 10.9% compared to last year, but are up 3.3% compared to last month. This is the thirteenth consecutive month of declines in year-over-year inventory levels, and inventories are at the lowest May level since 2013.
  • The average percent of original list price received at sale in May was 98.8%, up from last year’s 98.3% and from last month’s 98.7%.  This was the highest May level of the decade.
  • The median days-on-market for May 2017 was 10 days, 3 days lower than last year.

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