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Washington, DC Metro Area Housing: Days on the Market, August, 2015

Washington, DC Metro Area Housing: Days on the Market (DOM), August, 2015

 

When you are relocating to the Metro Area of Washington, DC and see that there are over 12,000 active listings of homes for sale, it is easy to conclude that there is no rush and there will be an outstanding selection. It is true that the inventory has grown but the median days on the market (DOM) in August was 25 and that is still means that preferred properties are selling quickly.

We recommend the use of an exclusive buyer agent to provide the advice  your family will need for the best home purchase decisions.

Inventories continue to grow but more slowly, new listings are at highest August level since 2008, DOM rise to 5-year average of 25.  With 12,329 active listings at the end of August (a 10.3% increase over last year), this marks the 23rd consecutive month of increases in the year-over-year number of active listings.  After rising to a peak Y-O-Y increase of 34.6% in August 2014, inventory growth has steadily declined to the current level.  Condo inventory growth remains strong, with a 20.8% increase in the number of active listings to 3,083.  The number of townhome listings is up 10.9% to 2,435 and single-family detached listings are up 5.9% to 6,800.  Inventory levels exceed the 5-year average of 11,065, but are still significantly below the 10-year average of 15,783.  Compared to last month, inventories are down a slight 1.9%.  Inventories remain the highest in Fairfax County, with 4,391 units on the market, a 15.7% increase over last year.  Montgomery County inventories are up 6.1% over last year to 3,300 units, while Prince Georges County has 2,128 units on the market, 11.6% more than last year. 

The 5,796 new listings added in August represent a 6.4% increase over last year.  New listings for condos increased by the largest percentage of 7.0% to 1,465, followed by single-family detached up 6.5% to 2,844 and townhomes up 5.9% to 1,487.  Compared to last month, the number of new listings is down by 1,018 or 14.9%.  The number of new listings exceeds the 5-year average of 5,235 but is slightly below the 10-year average of 5,929.  The number of new listings for the period January-August is up by 4,645 or 9.6% compared to last year. 

Median days-on-market (DOM) increased three days from last year to 25, matching the five-year August average but well below the ten-year average of 34 days. Townhomes continue to have the smallest median DOM of 19 days, while condos have a median DOM of 25 and single-family detached have a median DOM of 28.  Properties in Washington D.C. have the lowest median DOM of 13 (down from 15 days last year), while those in Fairfax City are the highest at 34 days, up significantly from last year’s 19. – RealEstate Business Intelligence

 

Rose, Kentlands Photowalk, Photograph by Roy Kelley, Roy and Dolores Kelley Photographs

Rose, Kentlands Photowalk, Gaithersburg, Maryland, USA IMG 4626
Photograph by Roy Kelley 
Roy and Dolores Kelley Photographs

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

Comment balloon 21 commentsRoy Kelley • September 13 2015 04:25PM
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