February 2016 Real Estate Sales Up 10.2% over February 2015 in DC Metro Area
An in-depth analysis of the local real estate market shows February 2016 sales up 10.2% over February 2015 in the DC Metro area. Contracts and closed sales are at double-digit growth. Meanwhile, median sales prices dipped by 2.6%, the third month in a row of decline.
- February 2016’s median sales price of $380,000 was $10,000 less than last year, a 2.6% decrease, but up $4,500 from last month’s median sales price.
- Sales volume across the DC Metro area was $1.36 billion, up 10.5% from last February.
- Sales in February showed strong 10.2% growth compared to last year.
- The number of new contracts at the end of February increased by 11%, suggesting that January’s decline was indeed, weather-related.
- New listings were up 5.1% from last February, resuming the growth pattern seen with almost no interruption since April 2013. January’s decline in new listings also appears to have been strictly weather-related.
- Last month’s rise in inventories of 1.4% is the smallest increase since October 2013, and active listing growth is poised to turn negative soon.
- The average percent of original list price received at sale was 96.7% in February, the same 2015.
Half the homes sold in February were on market 44 days or less, up two day from last February’s median DOM. This is the third year in a row that DOM have risen in February.
Stay tuned for more information next week.
Virginia and Michael
This analysis of the Washington, D.C. Metro Area housing market was prepared by Elliot Eisenberg, Ph.D. of ShowingTime RealEstate Business Intelligence (RBI) and is based on February 2016 MRIS housing data.