Washington DC condos fell 2.9% in value this May from the previous month, and even slid nearly 3% from April of 2023, when housing activity dropped like a rock as mortgage interest rates hit hearly 7%.
Attached homes dropped even further, 4.3% from April 2024, but increased 5.7% from May of the previous year.
Deatched homes saw:
- May median sold price of $1,327,659, +30.8% from April and +2.8% from May 2023;
- Average days on market of 22 days, 3% above the 5- year May average of 21 days;
- A 0.9% MoM decrease in new contract activity with 110 New Pendings;
- A 10.6% MoM decrease in All Pendings (new contracts + contracts carried over from April) to 135; and a 4.6% increase in supply to 319 active units.
Home buyers showed a strong preference for detached single family homes in May, and overwhelmingly in the $1M to $2,499,999 price range. Properties with 4 or more bedrooms sold well ahead of others, with the majority of purchases for properties listed 1-10 days on market, with conventional financing used for the largest number of sales, followed by cash purchases.
MoM Volume Slightly Down, Inventory Up
There was a 0.9% MoM decrease in new contract activity with 110 New Pendings; a 10.6% MoM decrease in All Pendings (new contracts + contracts carried over from April) to 135.
May detached home supply increased 4.6% to 319 active units.
All this activity resulted in a Contract Ratio of 0.42 pendings per active listing, down from 0.50 in April and a decrease from 0.62 in May 2023. The Contract Ratio is 46% lower than the 5-year May average of 0.78.