After a snowy January, DC Metro area contract activity picks up in February

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Although median sales prices decreased in February in the Metro DC area, the month was the 15th in a row of increased year-over-year sales. 

-The region’s median sales price of $380,000 in February was 2.6% lower than last year, with all property types down.  This marks the third month in a row that overall prices have declined year-over-year.  However, prices still remain 4.5% above the 5-year average and 8% above the 10-year average.

-There were 2,874 closed sales in February, up 10.2% compared to 2015.  This was the 15th month in a row of increased year-over-year sales.  All types of properties again saw increases. Closed sales exceeded both the 5- and 10-year averages by slightly more than 8%.

-Regional pricing levels are now 26.7% above the $300,000 February trough of the market in 2009 and 2011, and only 6.2% off the $405,000 February peak in 2007.

-Sales volume across the DC Metro area was $1.36 billion, up 10.5% from last February.Sales in February showed strong 10.2% growth compared to last year.

-The number of new contracts at the end of February increased by 11%, suggesting that January’s decline was indeed, weather-related.

-All property types saw increases in the number of new contracts compared to last year, with condos up 13.8%, single-family detached up 10.9% and townhomes up 8%.

-New listings were up 5.1% from last February, resuming the growth pattern seen with almost no interruption since April 2013.  January’s decline in new listings also appears to have been strictly weather-related.

-The rise in inventories of 1.4% is the smallest increase since October 2013, and active listing growth is poised to turn negative soon ,meaning that prices are likely to start going up.

-The average percent of original list price received at sale was 96.7% in February, the same 2015.

Source: RBI Intel