November 2016 Montgomery County Market Trends Report Home sales up nearly 15 percent over last year and exceed 5 year average
November’s tally of 951 closed sales topped last year’s level by 14.9 percent and exceeded the five-year November average by 16.4 percent. The 950 new pending sales marked a 7.5 percent change from last November and beat the five-year November average by 1.8 percent, or 17 contracts. There were 904 new listings added in November, 1.2 percent less than last November’s mark. The 2,314 active listings dip far below last November’s active listing total 2,829 (-18.2%). The 2,314 active listings heading into November represent 2.2 months of supply given the average
sales pace over the last twelve months, favoring the seller more than the 2.9 months of supply last November. Half of the homes sold in November were on the market 28 days or less, 2 days quicker than the median DOM in November 2015. The average DOM was slightly higher at 59 days. The $397,000 median in November was 1.1
percent lower than last November’s median of $401,450. The average sales price in November was $487,387, a 4.6 percent decrease from the November 2015 average of $511,053. Closed sales rose in all three segments of the market.
November 2016 Washington, DC Market Trends Report Most homes sold since 2005 as prices reach record November highs
November’s median sales price was $549,000, nearly flat with last year’s median of $548,000 and the highest November level on record. The 671 November sales represented a 5.5 percent increase versus last year and above the November 5-year average of 594. Even with the median sales price at record highs, supply is scarce with only 1.9 months of supply on hand. There was a 7.8 percent dip in contract activity compared to last November. New listing activity increased compared to last November in every segment. Half the homes sold in November were on the market for 14 days or less and the competition among buyers kept the median percent of asking price at 99.9 percent.
Washington, DC - (December 13, 2016) - The following analysis of the Montgomery County, MD and Washington DC housing markets has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of MRIS multiple listing data by MarketStats by ShowingTime.