Lowest days-on-market in 8 years; Active listings remain low, however new listings spike for the 1st time in 2 years
Market indicators point to a healthy spring market in the Washington DC Metro Region. Sales and median prices continue to rise, and new contract activity is up after several months of declines. The low inventory of homes for sale coupled with strong demand on the buyer side is fueling much of the market growth. While active listings remain historically low, new listings spiked in April, possibly an early sign of a changing pattern. The rise in new listings could indicate that sellers are starting to be drawn into the market by higher price points and faster sale times.
The median days-on-market for the region is now 11 days, the lowest of any month since the peak of the housing boom in 2005. Similarly, the average sale-to-list price ratio now stands at 98.2 percent for the region, the highest it has been for any month since April 2006. The condo market led all property segments in sales and new contract growth. Once again, the District of Columbia posted its highest median sale price on record at $470,000, outpacing the previous record from last month by $10,000.
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