March 13, 2017 | Josh Sullivan
DC area median sales price reached the highest level ever recorded for the month of February. Closings and pending sales produced decade-high levels, while inventory levels declined for the tenth consecutive month.
Median sales price for DC reached $519,000, declining 3.4% compared to last February. While sales declined slightly, both closings and pending sales increased 15.6% and 3.7% YoY respectively. 541 sales closed in DC for the month of February, while 1,224 sales were pending. Townhome contracts accounted for the majority of pending sales reaching 516, up 7% YoY. Detached single-family residences increased also to 217 pending sales, while pending condo/coop sales decreased slightly with 489 contracts.
Arlington County, VA
Arlington County saw a 6% YoY increase in median sales price, reaching $530,000 for the month of February. In addition to sales price, closings and pending sales also increased across all property types. Arlington experienced a 27.1% increase YoY in closings and a 5.4% increase in pending sales. Condo contracts saw significant growth, increasing 17.4% YoY totaling 162 pending sales. Detached single-family residences and townhomes also improved YoY reaching 117 and 34 pending sales.
Fairfax County, VA
Fairfax County, though much larger, experienced similar growth. Median sales price increased 2.5% to reach $455,000 for February. Closings and pending sales followed the same trend rising 1.4% and 2.2% respectively. Given the expansive size of Fairfax County, it comes as no surprise that detached single-family residences account for the majority of the housing stock and thus is the largest portion of pending sales. Detached single-family residence contracts increased 3.9% YoY totaling 930 for February. Townhomes decreased a mere 2.3%, posting 462 contracts, while condo/coops increased 3.8% to 353.
February numbers for the DC Metro real estate market are continuing the trend of constricted supply, fierce demand, and swift closings. As we mentioned earlier, February marked the tenth consecutive month of declining inventory, while total closings increased. This may seem like an oxymoron, but while the total inventory decreased, the net new listings (5,560) and median DOM (28) improved due to the consistent demand. Although the region experienced the highest level of new listings across all property types since 2009, it was still not enough to keep up with the incessant demand for real estate in the DC Metro.