The Washington DC-Metro Area Housing Market has continued to see strong sales and overall growth in the past month, as noted in the Real Estate Business Intelligence’s DC-Metro Area Housing Market Update for July 2015. In fact, according to Real Estate Business Intelligence (RBI), the Washington DC-Metro Area had record sales in July 2015 compared to July’s performance year over year for the past decade! The RBI’s DC Metro Area Housing Market Update provides unique insight into the current state of the DC-Metro Area housing market by measuring sales levels, home characteristic trends, and other key indicators to determine the market’s current and long-term performance.
With the resale market heating up this summer and the demand for homes in the DC-Metro Area at a record high, paired with today’s average rent at an all-time high and mortgage rates at a historic low—there are just so many reasons real estate is a good investment! With today’s ideal market conditions, now is the perfect time for both first-time and repeat homebuyers alike to invest in a brand-new home by Christopher Companies! Read on to learn about a few of the trends we’ve seen in the DC-Metro Housing Market this summer, and how they relate to home values in the Washington DC-Metro Area:
1.Closed Sales at a Record-High for the Decade: Closed, meaning completed home sales totaled 5,225 in July 2015, which is a 15.1% increase compared to July 2014. In fact, July 2015 saw more closed home sales than any July in the past decade! Total closed sales for the January-July period are also up 10.2% in 2015 compared to 2014, with 29,651 closed home sales from January to July 2015.
2. Pending Sales & New Home Contracts at a Record-High for the Decade As Well: Pending home sales and new home contracts are also at a record high in July 2015 with 5,221 total pending sales, a 9.4% increase over July 2014 and the highest on record in the month of July for at least a decade!
3. Median Days-On-Market Remains Low: The Median days-on-market, also known as DOM, indicates the average number of days a home is on the market. While home prices continue to rise, the median days-on-market for the region in July 2015 remains low at 19 days, indicating high market demand in the DC-Metro Area.
4. Home Prices & Sales Volume Continue to Rise: The housing market’s sales volume for the DC-Metro Area was a remarkable $2.8 billion in July 2015, which was a 17.6% increase compared to July 2014.
