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A 2014 First: DC Area Home Sales Increase Year-Over-Year in December

by Lark Turner

A 2014 First: DC Area Home Sales Increase Year-Over-Year in December: Figure 1
A Columbia Heights home that sold in December.

Home sales in the DC area were strong in December, according to a report from RealEstate Business Intelligence (RBI) released Monday. Sales in the region rose 8 percent, making the final month of 2014 the first with year-over-year sales gains. The property segment that showed the most substantial rise in sales volume was the detached home sector, which “led all segments in sales gains” with a 12.8 percent increase.

The month was notable for other reasons, too; the median sales price reached $408,000 in December, the highest price on record for the month and 4.3 percent higher than December 2013. Prince George’s County once again performed particularly well, with year-over-year gains in sales prices for the 34th straight month and a 10.7 percent median sales price increase, the largest in the area.

A 2014 First: DC Area Home Sales Increase Year-Over-Year in December: Figure 2
Click to enlarge.

The strong market in December could indicate more of the same in early 2015. Pending contracts were up more than 10 percent year-over-year from December 2013, meaning January’s closed sales figures should improve year-over-year, too. And more new listings headed to market this December, up 13 percent from a year ago.

Homes did spend longer on the market at the end of 2014, with the median days on market rising 11 days to 36 days. It’s still lower than the 10-year average for December (44 days) and probably has something to do with the increase in inventory on the market. It was the 15th consecutive month of inventory gains in the DC area.

This article originally published at http://dc.urbanturf.com/articles/blog/2014_first_dc_area_home_sales_increase_year_over_year_december/9391

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