Washington DC home prices continue to soar. Prices rose more than 11% as compared to the same time last year. The number of completed sales grew a whopping 23%!
According to RealEstate Business Intelligence, “Single-family detached homes and townhomes had the strongest sales growth of the property segments, each rising 19.6 percent from this time last year. This is the largest year-over-year growth rate for sales of single-family detached homes in over a year. Condo sales increased 17 percent from last July, which is the sixth consecutive month of double-digit growth for this segment.”
- The average sold price in July 2013 was $631,617, up from $568,686 in July 2012.
- Days on market dropped more than 32%, with homes selling in an average of 35 days.
- Nearly all homes sold in July were under contract in 10 days or less.
- Home inventory remains lows with just 1,212 properties currently Active in the MLS.
The Washington DC condo market remains strong. The average sales price was more than $462,000, with most condos selling between $300,000-$500,000. The number of units sold is up too. In July, 342 condos were sold as compared to just 281 in July 281.
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Categories: Market stats