Washington DC achieved a personal milestone with a median sales price of $599,000 for May, reaching almost $600,000 for the first time ever. The scolding hot DC market continues to drive demand, while inventory continues to decline for the 13th straight month across the region. Although inventory has declined, closings still managed to improve over last May. DC posted 925 closings up 7.6% YOY across all property types. Detached single-family residences, as expected, posted the least number of closings at 147. Townhome closings experienced the most significant growth with 353 sales, up 18.5% YoY. Condos saw a slight uptick in closings, with 424 sales up 0.7% YoY.
Arlington County, VA
Arlington surpassed the District, breaking the $600,000 threshold for median sales price. Arlington achieved a $615,000 median sales price of the month of May. Following suit with DC, the number of closings also increased in Arlington. 925 homes were sold last month, an increase of 21% YoY. Though townhomes accounted for least number of closings (40), they saw the most growth with a 100% increase YoY. Single-family residences and condo sales were distributed fairly evenly, with 137 and 180 respectively.
Fairfax County, VA
Fairfax county’s median sale price reached $524,000 for May, increasing 4.8% YoY. There was a total of 1,817 closings across all property types, mostly concentrated within single-family residences. While 1,000 detached residences closed, only 468 townhomes sold, posting a 2.1% decline YoY. Condos proved to be a more popular choice among buyers, with 349 closings for the month of May.
It’s the same story, different month here for the DC Metro; staggering demand combined with diminishing inventory is fueling a piping hot seller’s market. As mentioned earlier, this marks the 13th consecutive month with year-over-year inventory declines. Fairfax county experienced the most dramatic drop in inventory YoY with a -17.1% decline. Arlington county was not too far behind with a -14.2% drop in inventory YoY. Looking at other factors such as median DOM makes this trend even more evident. As a result of this trend continuing, we are seeing listings selling faster and faster. The median DOM for the DC Metro slid to 10 days year-to-date, the second lowest level we’ve seen in 10 years, behind only 9 DOM for 2013.