Median Sold Price Rises In Washington DC

The Median Sold Price of homes in Washington DC rose to $603,375. in June. This represents a 2.3% increase from June 2017.

The latest RBI market data shows that, even though Days On Market elevated slightly to 3o days from 28 during the same period in 2017, prices are still increasing. The Original Sold To List Price Ratio for homes Districtwide was 99.9% in June.

While a seasonal slowdown is expected for July and August, inventory is still tight, causing upward pressure on pricing.

Detached Single Family Homes

The Median Sold Price for Detached properties in Washington DC for June was $930,000, representing an increase of 7.2% compared to last month and an increase of 13.1% from Jun 2017. The average days on market for units sold in June was 26 days, 26% below the 5- year June average of 35 days. There was a 7.1% month over month decrease in new contract activity with 158 New Pendings; an 8.2% MoM decrease in All Pendings (new contracts + contracts carried over from May) to 223; and a 0.4% increase in supply to 249 active units.
This activity resulted in a Contract Ratio of 0.90 pendings per active listing, down from 0.98 in May and an increase from 0.89 in June 2017. The Contract Ratio is 6% lower than the 5-year June average of 0.96.

Condos & Co-Op Sales

The Median Sold Price for Condo & Coop properties in Washington DC for June was $490,000. This represents an increase of 2.1% over the previous month and an increase of 5.9% from Jun 2017. The average days on market for units sold in June was 34 days, 5% above the 5-year June average of 32 days. There was a 15.3% month over month increase in new contract activity with 489 New Pendings; an 8.1% MoM increase in All Pendings (new contracts + contracts carried over from May) to 589; and no change in supply with 801 active units.
This activity resulted in a Contract Ratio of 0.74 pendings per active listing, up from 0.68 in May and a decrease from 0.79 in June 2017. The Contract Ratio is 12% lower than the 5-year June average of 0.84.

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