The Long & Foster Market Minute

Focus On: Washington DC Housing Market March 2018

Units Sold
720
Active Inventory
1,283
Median Sale Price
$555,451
Days On Market
31
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -12%
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 720 sold this month in Washington DC Real Estate versus 611 last month, an increase of 18%. This month's total units sold was lower than at this time last year, a decrease of 12% versus March 2017.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 370 units or 22%. The total number of active inventory this March was 1,283 compared to 1,653 in March 2017. This month's total of 1,283 is higher than the previous month's total supply of available inventory of 1,256, an increase of 2%.

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Median Sale Price
Last March, the median sale price for Washington DC Homes was $540,000. This March, the median sale price was $555,451, an increase of 3% or $15,451 compared to last year. The current median sold price is 4% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
1,222
Current Contracts
872
Sold Vs. List Price
99.3%
Months of Supply
1.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -5%
Vs. Year Ago
Down -4%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In March, there was 1.8 months of supply available in Washington DC, compared to 2.0 in March 2017. That is a decrease of 12% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 1,222 homes newly listed for sale in Washington DC compared to 1,289 in March 2017, a decrease of 5%. There were 872 current contracts pending sale this March compared to 908 a year ago. The number of current contracts is 4% lower than last March.

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Sale Price to List Price Ratio
In March, the average sale price in Washington DC was 99.3% of the average list price, which is 0.5% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 31, higher than the average last year, which was 28, an increase of 11%.

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The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.