According the latest report from Real Estate Business Intelligence (RBI), overall home prices in the D.C. Metro area were nearly the same (just 0.3 percent less or 399k rather than 400k) this past March compared to March 2015, but both listings and sales volume are up. With interest rates at historic lows, both increased inventory and stable prices are good news for sellers and buyers. Of course, price changes vary from one neighborhood to the next.
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Here’s RBI’s overview on the D.C. region market for March 2016 (see full report):
OVERVIEW
- March 2016’s median sales price of $399,000 was down a slight 0.3% (-$1,000) compared to last year, but up $19,000 (+5%) from last month.
- Sales volume across the D.C. metro area was nearly $1.8 billion, up 1.9% from last March and up 32.3% from February.
- Closed sales in March of 3,755 were up 2.5% compared to last year, the 16th consecutive month of increases.
- The 6,165 new contracts increased by 11% compared to March 2015.
- New listings were up 20% year-over-year to 8,352, the highest March level since 2007.
- Active inventories rose 8.4% compared to March 2015 to 9,774. The increase in year-over-year inventory growth in March was the largest since October 2013.
- The average percent of original list price received at sale was 97.1% in March, the same as 2015.
- Half the homes sold in March were on market 27 days or less, up two days from last March, but down 17 days from last month.
