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DC Metro Sees Strongest March Home Sales Since 2010

by Lark Turner

DC Metro Sees Strongest March Home Sales Since 2010: Figure 1
A home that recently sold in DC.

The regional housing market continues to run on virtually all cylinders.

DC-area home sales were the strongest since March 2010 last month, according to a report released Friday from the real estate data firm RealEstate Business Intelligence (RBI).

There were 3,662 home sales in the region last month, a 15.6 percent increase from last March. Driving the sales were single-family detached homes, though sales of townhomes and condos also increased compared to last year. And at $400,000, the metro-wide median sales price reached the highest March level since 2007. Median sales prices in the District rose 5.7 percent to $500,000 in March.

DC Metro Sees Strongest March Home Sales Since 2010: Figure 2
Click to enlarge.

Contracts also rose last month posting the best year-over-year increase in more than three years. The number of new contracts increased 10.8 percent from March 2014, and every property segment RBI tracks showed more contracts this year than last.

The inventory of homes for sale also rose last month, with the condo supply increasing the most. The report noted that the trend “represents a return to a more normal inventory level,”:

All classes of inventories have now increased for 15 months in a row, making this easily the best period for inventory since 2007-2008. This is the most sustained increase in inventories since the depths of the housing bust.

If there was one slow point to highlight in the report, it would be how quickly homes are selling in the region. The median days-on-market measure increased to 25 days, which is a full week higher than last year. RBI notes that it’s still lower than the five-year March average of 30 days.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_metro_sees_the_strongest_march_home_sales_since_2010/9750

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