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Condo and Co-op Craziness: The DC-Area Housing Market in September

  • October 13, 2020

by UrbanTurf Staff

A co-op in Cleveland Park that sold in September.

The strength of the September housing market in the DC area was led by a property type that hasn't been making headlines recently. 

Condo and co-op sales hit a ten-year high in the region in September, according to a report out today from MarketStats by ShowingTime, increasing 44% year-over-year. DC proper saw sales rise 69% with sales tripling in the 20002 zip code. In Alexandria, sales jumped 60%. 

“Record low interest rates are fueling buyer demand," Chris Finnegan of Bright MLS said. "Condo and co-ops are over a third of all new listings. Sales of these units hit an all-time high, with median prices up 13% from last year.”

Median home prices in the DC area. Click to enlarge.

The activity in the condo sector was a microcosm of the climate in the rest of the market. Below UrbanTurf picked out some of the more interesting data points from the September market. 

  • The median home price in the region hit $512,000, up $81,000 and 19% compared to last September. 
  • Closed home sales in the region rose 37%, year-over-year. 
  • The number of homes that sold in ten days or less increased 105% compared to last year. 
  • Homes sold in nine days or less (on median) in every local jurisdiction in September. 
  • 7,400 new listings hit the market in September, up 10% compared to September 2019. 
  • There was a 1.4-month supply of homes for sale last month, down 29% year-over-year. 

This article originally published at http://dc.urbanturf.com/articles/blog/condos-co-ops-and-craziness-the-september-housing-market-was-on-fire/17396

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