October was an incredibly active month within the District, shattering many of last year’s figures. 831 homes were sold last month, up over 30% from last October. Sales across all property types improved considerably, with at least 20% growth YoY. Townhome sales saw the greatest improvement with a 45% increase over last year. The increase in sales volume had little effect on sales price as the District posted a median sales price of $550,000 for the month of October.
Arlington County, VA
Arlington followed suit, with both median sales price and sales volume improving over last year as well. The median sales price grew over 20% to $599,950 for the month of October. 254 homes sold last month, 100 of which were detached single-family residences. Detached home sales improved almost 20% compared to last year, which can be attributed to the recent surge in tear-down new construction projects. The scarcity of land and vacant lots in Arlington County has been forcing builders to seek out older homes that are ripe for replacement, and has resulted in an influx of detached homes for sale. Condo and townhome sales stayed relatively consistent with last year’s levels, with 136 and 18 sales respectively.
Fairfax County, VA
Fairfax County remained at typical market levels for this time of year, with a slight uptick in both sales price and volume. Sales price improved a mere 1.3% to $460,000, while sales volume increased 1.7% YoY. Detached single-family homes accounted for the majority of sales, with 535 homes sold, up 3.7% YoY. Townhome and condo sales increased marginally, with 0.3% and 0.4% YoY growth respectively.
As we mentioned in last month’s blog, September was merely a speedbump for the DC Metro area. Although inventory continues to decline month-over-month, we are seeing a rise in the number of new listings added to the market, due to a combination of new construction and the fall resale market. We have also seen sales price and volume return to typical market levels, with increased growth each month. These factors indicate a strong, healthy market that is not likely to shift anytime soon. Buyers will want to take advantage of the seasonably high inventory, but we are still in the throes of a seller’s market.