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Rising Prices, Multiple Bids: A Year in DC's Housing Market

  • July 23rd 2013

by UrbanTurf Staff

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Rising prices, historically low inventory and multiple bids. The last year in the DC housing market has been an interesting one. To illustrate to readers the trajectory of the market between June 2012 and June 2013, we pulled out a few graphics.

Sold Listings

Rising Prices, Multiple Bids: A Year in DC's Housing Market: Figure 1
Click to enlarge.

There were 790 closed sales in Washington, DC in June, a 12.5 percent increase over the 702 sales from last June. 809 contracts were signed in June versus 757 a year ago.

Median Sales Price

Rising Prices, Multiple Bids: A Year in DC's Housing Market: Figure 2
Click to enlarge.

Home prices in the District of Columbia rose 16.3 percent between June 2012 and June 2013 to reach a median sales price of $529,000, the highest on record for the city. The new price point shatters the previous record, set in May 2013, by almost $40,000.

Average Days on Market

Rising Prices, Multiple Bids: A Year in DC's Housing Market: Figure 3
Click to enlarge.

The average number of days that active listings spent on the market in DC last month was 32. To put that number in perspective, it is 38 percent less than last year when homes were taking on average 52 days to sell.

Average Sold To Original List Price Ratio

Rising Prices, Multiple Bids: A Year in DC's Housing Market: Figure 4
Click to enlarge.

The average sale to original list price ratio for homes sold in DC exceeded 100 percent (100.26 percent) in June, which meant that on average, homes sold for above their list price last month. The ratio was 3 percent higher than June 2012.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/a_year_in_dcs_housing_market/7353.

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