1. real estate

Washington, D.C. Metro Area – October 2014 Housing Market Update
Median sales price increase for all jurisdictions
Tenth month of year-over-year declines for closed sales
Rockville, MD – (November 10, 2014) – The following analysis of the Washington, D.C. Metro Area housing
market has been prepared by RealEstate Business Intelligence (RBI) and the GMU Center for Regional Analysis
and is based on October 2014 MRIS housing data.
OVERVIEW
The housing market trends in October in the Washington DC Metro Area were little changed from prior months.
The number of closed sales in the region fell 2.8 percent, but the decline was driven entirely by a decrease in
bank-mediated home sales. Closed sales of bank-mediated properties have been decreasing since 2010 and
declined 21.5 percent between October 2013 and October 2014. Non-bank mediated sales were unchanged
from last year. New pending contracts also decreased, but as with closed sales, the decline was the result of
fewer contracts for bank-mediated properties. New contracts for bank-mediated properties were 16.2 percent
below last year, while those for non-bank mediated homes increased by 1.4 percent. The median sales price for
the region increased 5.3 percent from October 2013 with gains in every jurisdiction in the region. Both bankmediated sales and non-bank mediated sales had higher median prices, rising 10.1 percent and 2.8 percent,
respectively. Active listings continue to rise but are only 46.0 percent of their peak-level of 2007. The median
days-on-market increased, marking the ninth month of year-over-year increases. But homes continue to sell
more quickly than the five-year and 10-year October averages.
RBI Key Housing Trend Metrics [Washington, DC Metro Area]
All Residential
Units Sold (Closed)
Median Sales Price (Closed)
Pending Sales (New)
Active Listings
New Listings
Median DOM (Closed)
Listing Discount (Average)
Avg SP to OLP Ratio
Oct-14
3,784
$400,000
4,446
11,919
5,818
24
3.0%
97.0%
% M-O-M
6.0%
2.6%
4.6%
-2.0%
-12.7%
-7.7%
Sep-14
3,569
$390,000
4,251
12,164
6,667
26
2.8%
97.2%
% Y-OY
-2.8%
5.3%
-2.0%
28.8%
6.4%
50.0%
Oct-13
3,892
$380,000
4,535
9,254
5,470
16
2.3%
97.7%
% Y-O5YAvg
12.4%
11.0%
4.2%
-1.5%
11.3%
-16.0%
5 Yr Avg
3,366
$360,505
4,265
12,104
5,228
29
4.4%
95.6%
2014 RealEstate Business Intelligence, LLC. Data Source: MRIS. Statistics calculated 11/5/2014
CLOSED SALES
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Continued year-over-year declines; stronger than average month-over-month growth. In October, closed sales
in the Washington DC Metro area decreased 2.8 percent, or by 108 sales, from last year to 3,784 sales. This is
the tenth month in a row of year-over-year declines, but closed sales were higher than in October of 2010, 2011
and 2012. Closed sales of condo properties increased by 8 sales, or 0.7 percent, from this time last year and was
the only property segment to increase. The number of closed sales of single-family detached homes decreased
3.4 percent, or by 61 sales. Townhomes had the sharpest decrease in closed sales and fell 5.5 percent, or by 57
sales from last year. As compared to last month, the number of sales increased 6.0 percent, which is a stronger
increase than is typically seen between September and October, when closed sales usually begin to slow. The
10-year average September to October change is -2.4 percent.
PRICES
Increase in median sales price in all jurisdictions; highest October-level regional median sales price in nine
years. At $400,000, the median sales price for the region rose 5.3 percent, or by $20,000, from last October.
This is the highest October-level since 2005 and the highest year-over-year increase in eight months. The
median sales price for single-family detached homes increased 5.1 percent, or by $23,520, from last year to
$480,000. Condo properties had a median sales price that was 2.9 percent, or $8,500, higher than last year. The
median sales price for townhomes increased 2.1 percent, or by $8,000.
Every jurisdiction in the region had an increase in its median sales price as compared to last year. Of the
jurisdictions, Fairfax City had the highest growth in in median sale price and rose 14.0 percent. But with 14
closed sales in October and the City’s median sales price is sensitive to changes in the composition of the sales.
The median sales price for Prince George’s County increased 13.0 percent from October 2013. The County has
now had 32 consecutive year-over-year increases in median sales price and reached the highest October-level
since 2008.
Median Sales Price by Jurisdiction [Washington, DC Metro Area]
DC Metro
Falls Church City
Arlington
Washington, DC
Alexandria City
Fairfax
Fairfax City
Montgomery
Prince George's
2014
$400,000
$615,000
$536,000
$500,000
$497,500
$450,000
$473,250
$387,310
$235,000
October
2013
$380,000
$590,000
$527,500
$455,000
$462,575
$440,000
$415,000
$379,000
$208,000
Adjacent Counties*
Loudoun
Howard
Anne Arundel
Prince William
Frederick, MD
2014
$419,990
$370,000
$310,750
$309,500
$261,500
October
2013
$399,000
$375,000
$299,550
$299,000
$259,200
YoY
+5.3%
+4.2%
+1.6%
+9.9%
+7.6%
+2.3%
+14.0%
+2.2%
+13.0%
Year to Date
2014
2013
$406,000
$400,000
$700,000
$634,750
$530,000
$525,000
$499,000
$475,000
$475,000
$485,000
$460,000
$457,000
$475,000
$436,750
$400,000
$400,000
$220,000
$195,000
YoY
+1.5%
+10.3%
+1.0%
+5.1%
-2.1%
+0.7%
+8.8%
0.0%
+12.8%
YoY
+5.3%
-1.3%
+3.7%
+3.5%
+0.9%
2014
$432,000
$388,950
$314,000
$315,266
$268,000
Year to Date
2013
$417,000
$387,000
$309,900
$309,000
$269,900
YoY
+3.6%
+0.5%
+1.3%
+2.0%
-0.7%
*Adjacent county sales are not included in the DC Metro aggregate stats
2014 RealEstate Business Intelligence, LLC. Data Source: MRIS. Statistics calculated 11/5/2014
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NEW CONTRACTS
Decreases for all property segments; 11th month in a row of year-over-year declines. There were 4,446 new
contracts signed in October, which is 2.0 percent, or 89 contracts, fewer than last year. New contracts have
been below their prior year for 11 consecutive months. But the number of contracts is higher than in October of
2006 through 2011. Among the property segments, the number of new contracts for condo properties had the
steepest decline and fell 3.4 percent, or by 41 contracts. New contracts for townhomes decreased 2.4 percent,
or by 28 listings, while those for single-family detached homes decreased 1.0 percent, or by 21 contracts.
Between September 2014 and October 2014, new contracts increased 4.6 percent and the increase is in line
with the ten-year average September to October change of 4.3 percent.
INVENTORY
13th consecutive month of year-over-year gain for active listings; increase in new listings led by single-family
detached homes. Active listings reached their highest October-total since 2011. There were 11,919 active
listings in October which is 28.8 percent, or 2,665 listings, more than in October 2013. Active listings have now
increased from the prior year for 13 months in a row but are 54.0 percent lower than their 2007 peak. Of the
property segments, active listings for townhomes had the largest growth from last year and rose 34.8 percent,
or by 616 listings. Active listings for condo properties rose 27.6 percent, or by 622 listings, from last year. There
were 6,648 active listings for single-family detached homes, 27.3 percent, or 1,427 listings, more than this time
last year.
New listings increased 6.4 percent, or by 348 listings, from last year and their rise continues to bolster inventory.
This is the eighth consecutive month of year-over-year gains, and the highest October-total in five years. New
listings of townhomes increased 8.4 percent, or by 114 listings, from this time last year and led all property
segments in growth. New listings for single-family detached homes increased 8.0 percent or by 205 listing, and
new listings for condo properties increased 1.7 percent, or by 26 listings. The median days-on-market is now 24.
While this is eight days more than in October 2013, it is lower than the 10-year average October-level of 37 days.
About the RBI Metro Housing Market Update
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by
measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent
month compiled directly from Multiple Listing Service (MLS) data in RBI’s proprietary database. The bulk of this report’s
content is readily available, down to the ZIP code level of granularity, via interactive charts and reports offered via
rbiEXPERT, a premium subscription service offered to real estate professionals interested in growing their business with the
help of industry-leading and user-friendly analytics. The DC Metro Area housing market includes: Washington, D.C.,
Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax
City, and Falls Church City in Virginia.
About RealEstate Business Intelligence, LLC
RealEstate Business Intelligence, LLC (RBI) is a primary source of real estate data, analytics and business intelligence for real
estate professionals with business interests in the Mid-Atlantic region. The full monthly data report for all jurisdictions in
the MRIS region, along with interactive charts and graphics, can be found at www.rbintel.com/statistics. RBI is the only
company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the MRIS
Multiple Listing Service (MLS). Visit rbintel.com or www.facebook.com/rbintel to learn more.
About the Center for Regional Analysis at George Mason University
The Center for Regional Analysis conducts research and analytical studies on economic, fiscal, demographic, housing, and
social and policy issues related to the current and future growth of the Virginia, Maryland, and DC areas. Through its range
of research and programs — major economic impact studies, economic forecasts, fiscal analyses, conferences and seminars,
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publications, information services, and data products — the Center’s activities strengthen decision-making by businesses,
governments, and institutions throughout the Greater Washington region. Visit http://cra.gmu.edu to learn more.
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Media Contact
Debbie Freer, MRIS Communications
301-838-4638
[email protected]
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