housing statistics
by Fred Flick, PhD, Consultant/Housing Economist
MONTGOMERY COUNTY & DC Montgomery County Sales Market For the month of February, the combined – single-family and condo/coop – sales market did pretty well overall. The total unit sales volume came in at 542 properties, down almost 3% from a year ago. However, the monthly sold dollar volume totaled $257,536,170, jumping almost 10% from a year before. The average sold price came in at $475,159 – edging up almost 13%; and, the median price of $375,000 rose just over 8% from a year ago. Properties sold in February turned over a bit more quickly than a year ago. Average days on the market totaled 60 – 2 fewer days than in the previous February. However, it was less of a seller’s market this February -- the ratio of average sales price to average original listing price was 94.8%, down about a percentage from last year. The inventory was in better shape, however. February active listings totaled 1,807 properties, and this level was 22% above that of February 2012. The picture becomes a bit more complicated when we look at single-family versus condo/coop and February versus the year-to-date performance.
As one might expect, February inventory substantially exceeded the levels of the first quarter of 2013. February condo/coop active listings (427) came in 20% above the previous February, and were higher than in the first three months of the year. However, monthly new listings (239) slipped about 7% below the 2012 February monthly figure. At the monthly contracts pace, there was less than a 2-month supply of properties. It is still very early in the year, so supply has plenty of time to catch up.
The year began with price performance off a bit from last year. Year-end, the average sales price was $573,281, and the median was $460,000. Through February, the average and median prices were $553,757 and $435,500. They are down 3.4% and 5.3%, respectively, from the 2013 prices.
Sellers seemed to be in the drivers seat. The average sales price to average original listing price ratio came in at 95.7%, down less than a percent. And, inventory was up only slightly. February inventory totaled 984 actives and that figure was up less than 1% from a year ago. Below, we provide data for single-family and condo/coops, and for February and year-to-date February.
February Single-Family Homes
As with Montgomery County, the Washington, DC single-family sales market has had a mixed performance so far in 2014. Yearto-date settlements (510) rose a bit over 5%, but February new settlements (245) slipped 2% from the same month in 2013. Contracts performance also was weaker. February year-to-date contracts (595) declined almost 4% and monthly single-family contracts (303) slipped 3% from a year before.
February Single-Family Homes
For the first two months of 2014, year-to-date settlements were the same as a year ago, but contracts declined significantly over those of 2013. The 822 February year-to-date single-family settlements equaled those of the same period in 2013, but year-to-date contracts (1,116) dropped almost 14% from a year before. And, the monthly figures were down from last year. February settlements (391) were 2% below a year before, and new contracts for the month (622) fell 15%.
Similar to the single-family market, the 2014 condo/coop market also has shown negative price appreciation. For all of 2013, the average price of $269,950 was up almost 7.7% from 2012; and, the median price of $220,000 was 5.6% higher. However, through February, the average price of $263,243 had slipped 2.5% and the median of $214,750 declined 2.4% from the 2013 figures. At least there is room for improvement this spring.
February Condominiums and Cooperatives
The month of February was a bit disappointing for settlements and contracts on condominiums and cooperatives. Through February, there were 314 condo/coop settled sales – up over 10% from a year ago. But, for the month, settlements were down 8% to only 150 units. February contracts also showed declines. Yearto-date contracts (427) dropped 11% from last February; and, the 224 new monthly contracts also slipped 11%.
Furthermore, the District’s February single-family inventory was significantly below the levels of a year ago. February total active listings totaled 456 properties—down 15% from a year ago. And, new single-family listings for the month (312) dropped almost 13% from a year before. At the February sales rate, there was only a 1.5-month supply of homes. ... continued, page 18
On the other hand, the trend of inventory has been upward. At the end of 2013, total single-family active listings came in at 1,330 homes. By February, there were 1,425 total actives and these were 15% above the level of a year before. However, the 795 property listings for February were 4% below those of February 2013. Consequently, at the February contracts pace, there was only about a 2.3 months supply of properties.
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Capital Area REALTOR® • Mar/Apr 2014
Washington, DC Sales Market This February, the District of Columbia combined unit sales pace was solid compared to a year before. It totaled 495 properties, rising about 3% from a year ago. And, the sold dollar volume was $298,120,515 – jumping 14% from the previous February. The average sold price came in at $602,264, jumping 11%; and the median sold price was $467,500 rising 8%. Capital Area REALTOR® • Mar/Apr 2014
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