Highest March Level Median Sales Price In Seven Years

Dated: 04/13/2014

Views: 5663

The Northern Virginia area and specifically Ashburn, Leesburg and Reston areas are seeing some of the highest resell prices in seven years! Here is the breakdown for this months real estate market update.

Highest March-level since 2007; 26
th month in a row of year-over-year increases. At $389,900, the median sales price in the Washington DC Metro Area increased 4.7 percent, or by $17,400, from this time last year. This is the 26th consecutive year-over-year increase and the highest March-level in seven years. The median sales price for single-family detached homes increased 7.5 percent, or by $35,000, from last year and led all property segments in price growth. The median sales price for townhomes rose 5.5 percent, or by $20,000, from March 2013, to $385,000. At $289,000, the median sales price for condo properties increased 3.8 percent from last year, which is a gain of $10,700.
 

NEW CONTRACTS Fourth consecutive year-over-year decrease in new contracts driven by condo properties. There were 5,012 new contracts signed in March, 6.8 percent, or 365 contracts, fewer than this time last year. This is the fourth consecutive month of decreases for this indicator. New contracts increased 32.2 percent from last month, which is in line with the ten-year average February to March change of 30.6 percent. Condo properties were the only property segment to have more new contracts than last March, increasing 3.5 percent or by 46 contracts. New contracts for townhome properties fell by 6.9 percent, or by 97 contracts, from last year. Those for single-family detached homes decreased 11.9 percent or by 314 contracts. 
INVENTORY Sixth consecutive year-over-year increase in active listings led by condo properties. There were 7,604 active listings in the Washington DC Metro Area at the end of March, which is 20.9 percent, or 1,315 listings, more than this time last year. Active listings have now increased from the prior year for six months in a row and all property segments have done so for three consecutive months. Despite this increase, active listings are 70.6 percent lower than their September 2007 peak. Active listings for condo properties had the sharpest increase, rising 35.1 percent, or by 519 listings. Active listings for townhomes rose nearly as much, increasing 34.6 percent, or by 344 listings. There were 4,264 single-family detached home listings, 12.0 percent, or 458 listings, more than last year. There were 6,042 new listings in March, an increase of 3.9 percent, or 225 listings, from March 2013. New listings of single-family detached homes fell 2.2 percent, or by 68 listings, from this time last year and were the only property segment to do so. New listings of townhomes increased 2.4 percent or by 34 listings. Those for condo properties rose the most, increasing 18.6 percent or by 259 listings. The median-days-on-market rose by 3 days from last March to 18 days. While this is the second year-over-year increase in a row, the number of days remains lower than its 10-year average March-level of 40. 

Bottom-line; A combination of low interest rates, low unemployment and low inventory is making this a great sellers market!
 
Enjoy,Chuck
*Referrals are a large part of my business. For you and your family and friends--Always 4 1/2% listings for sellers and cash back at settlement for buyers--all with full and complete professional real estate service.Serving all of your AshburnChantilly,Fairfax,Herndon, Reston, Leesburg, Mclean and Loudoun County area Real Estate needs*** Information courtesy of RBI 
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Chuck Rifae

Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....

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