A recently-sold home in Capitol Hill.
DC area home sales fell in April compared with a year earlier, according to a new report from RealEstate Business Intelligence (RBI) released on Monday. It was the fourth month in a row that sales have dropped on an annual basis, however RBI points out that a good portion of the April decline can be attributed to a drop in distressed sales:
The number of bank-mediated sales peaked in 2010 and has since been declining, falling from 15.1 percent of total sales in April 2013 to 10.7 percent of all sales in April 2014. While this decline is a result of fewer distressed properties in the market, it has also depressed the total number of sales. Closed sales decreased 8.3 percent, or by 350 sales, but non-bank mediated sales only fell by 3.5 percent, or by 127 sales. Bank mediated sales declined 35 percent, or by 223 sales, and accounted for 63.7 percent of the decline in total sales.
The home price and days on market metrics give every indication of a market that remains hot. At $412,500, the median sales price for the area increased on an annual basis for the 27th consecutive month in a row, and hit a seven-year high for the month of April. Homes in Arlington, Fairfax and DC proper continue to move quickly; the average days on market metric was either 9 or 10 days in all three jurisdictions.
Some more takeaways from the report:
- Median sales prices rose the most in Prince George’s County, which has been consistently reporting year-over-year growth in the double digits.
- There were 5,644 new contracts signed in April, 8.5 percent fewer than last year.
- There were 8,871 active listings in the region at the end of April, a 24.5 percent increase over April 2013. Active listings have now increased from the prior year for seven months in a row.
This article originally published at https://dc.urbanturf.com/articles/blog/report_dc_sales_activity_slows_in_2014/8474.
Most Popular... This Week • Last 30 Days • Ever
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
A Roth IRA is one of those accounts that people feel is totally off limits until you ... read »
The latest edition of What $1.5 Million Buys includes a Falls Chuch home reminiscent ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... 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