A Capitol Hill home that found a buyer in under a week in July.
Closed and pending home sales in the DC region were at their highest levels for the month of July since 2005, a clear indication that the regional housing market had another strong showing last month.
Closed sales increased 15 percent over July 2014 to 5,225 transactions, and new contracts leapt up 9.4 percent to just over 5,200, according to the report released by Real Estate Business Intelligence. Townhome sales increased by 19.9 percent, followed by single-family homes (+15.4 percent) and then condo sales (+9.9 percent).
Median sales prices in the region also rose, increasing by 1.1 percent to $432,500, just $2,500 less than the record high of $435,000 set in 2007. In DC, median sales prices rose about 3 percent to $550,000; in Arlington, prices rose to $625,000, an almost 11 percent increase over last July.
Homes were selling the quickest in the District and Falls Church, where the median days on market were 10 and 11 days, respectively. For the region overall, homes are actually selling a little slower than last year. The days on market metric for the region rose to 19 days from 17.
The inventory of homes for sale also increased, rising for the 22nd consecutive month, which might have some readers out there wondering how it is still a seller’s market. There were 12,564 active listings on the market in July, a 12 percent increase compared to July 2014. Condos led the way, increasing by 23 percent or to 3,216 units. Just over 6,800 new listings hit the market last month, an 8.5 percent increase over July 2014.
This article originally published at http://dc.urbanturf.com/articles/blog/july_home_sales_hit_highest_level_in_decade/10220
Most Popular... This Week • Last 30 Days • Ever
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
DC's crane count still ranks as one of the highest among U.S. cities despite a declin... read »
The latest installment of Above Asking revisits two recently-featured listings in the... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The yet-to-be-built home may set a new bar for luxury in the residential real estate ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro