August 2016 Washington, DC Market Trends Report Most homes sold since 2005 as prices reach record August highs

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1 FOR IMMEDIATE RELEASE Contact: Bobette Banks Director of Communications Greater Capital Area Association of REALTORS August 2016 Washington, DC Market Trends Report Most homes sold since 2005 as prices reach record August highs Washington, DC (September 13, 2016) The following analysis of the Washington, DC housing market has been prepared for the Greater Capital Area Association of REALTORS based on analysis of MRIS multiple listing data by MarketStats by ShowingTime. Overview August s median sales price was $575,250, a 10.6 percent increase over last year s median of $520,000 and the highest August level on record. In addition, the 782 August sales represented a 14.0 percent increase versus last year, the highest August sales total recorded since August Even with the median sales price at record highs, supply is scarce with only 1.6 months of supply on hand. New pending sales increased by 2.0 percent overall with gains in the Detached and Townhouse home type segments. New listing activity decreased compared to last August in every segment except Condo/Coop. Half the homes sold in August were on the market for 15 days or less and the competition among buyers kept the median percent of asking price at 100 percent.

2 Key Trends Closed sales. The 782 August sales represented a 14.0 percent increase versus last year, the highest August sales total recorded since August The 5,777 cumulative year-to-date sales are 5.3 percent more than the number sold through August of last year. Contract activity. There was a 2.0 percent spike in contract activity compared to last August. The 709 overall new pending sales topped the five-year August average by 3.3 percent. Listing activity. The number of new listings decreased 1.7 percent compared to last August. The 761 new listings added exceeded the five-year August average by 33 listings (+4.5 percent). Inventory. The 1,128 active listings at month s end are 5.8 percent less than at the same point last year, marking the second consecutive monthly year-over-year decrease. Months of Supply. Supply remains scarce relative to demand, continuing to drive a strong seller s market in the District. The 1,128 active listings represent just 1.6 months of supply. Prices. August s median sales price was $575,250, a 10.6 percent increase over last year s median of $520,000 and the highest August level on record. Days on Market (DOM). Half the homes sold in August were on the market 15 days or less prior to contract, slightly slower than the pace of August Sales Price to Original List Price Ratios (SP to OLP). Half the sellers received 100 percent of original list price or less, exactly the same as last August.

3 Analysis by Housing Segment Single-Family Detached The 124 detached homes sold in August soared 18.1 percent compared to August The 130 new pending sales entered during the month marked a year-over-year gain of 14.0 percent. As the height of the summer market dwindled, new listing activity decreased. The 126 new listings added were 13.1 percent less than the number added in August Active inventory at month s end (221) is significantly less than the 243 listings last year. The 221 active listings represent 2.0 months of supply based on the average sales pace of the last 12 months, slightly less than the 2.4 months of supply from the seller s market of August The average days-on-market (DOM) for detached properties sold in August was 44 days, an increase of 10 days from August Half of the detached homes sold were on the market for 19 days or less, a 10-day increase compared to last August. The average price per square foot for detached homes was $515, an appreciation from the $479 average for detached sales last August. The median sales price for detached properties in August was $849,000, an increase of $69,000 (+8.8 percent) from last August s mark. However, the year-to-date median of $760,250 is 0.5 percent lower than the $763,750 level through the same period of 2015.

4 Single-Family Attached (Townhouses) The 273 new pending sales of townhouses were 10.1 percent more than last August. There were 287 new listings added in August, a 2.7 percent decrease from last year s new listings (295). Active townhouse inventories at month s end were down 5.9 percent from last year. The 335 active listings represent only 1.3 months of townhouse supply, making it the segment with the strongest seller s market. The average days-on-market (DOM) for townhouses sold in August was 39 days, compared to 28 at this time last year. Half of the townhouses sold were on the market for 13 days or less, two days more than last August. The average sales price per square foot for District townhouses in August was $479, representing an appreciation of 3.9 percent versus the $461 average last August. The median sales price for townhouses in August was $639,000, a 1.8 percent increase from last year s August-level of $628,000. The year-to-date median of $650,000 is up 3.3 percent versus The average sales price in August was $737,739, a 9.1 percent increase from last year s mark of $675,937.

5 Condos & Co-ops There was a decrease in purchase activity in the condo/co-op segment, with 304 new pending sales marking an 8.7 percent decrease compared to the 333 contracts entered last August. The 356 closed sales in August were 0.8 percent more than the 353 sales last year and exceeded the five-year August average of 340 by 4.7 percent. The 346 new listings added in August represented a 3.6 percent increase from last August, marking the only segment with an increase in new listings. It exceeded the five-year August average by 20 listings (+6.1 percent). The 565 active listings represent only 1.7 months of supply based on the average sales pace of the last 12 months, only slightly down from the 1.9 months of supply last August, and still an extremely tight seller s market. The average days-on-market (DOM) for condo/co-op units sold in August was 35 days, 1 day faster than last year. Half of the condo/co-op units sold were on the market for 16 days or less, two days more than the 14- day median DOM of August The average price per square foot for condo/co-op units sold in August was $532, a slight increase from last August s average of $511. The $471,750 median sales price for condo/co-op units represents a 11.7 percent increase from last August s $422,500 level and the year-to-date median of $449,000 is only slightly higher than the $436,000 (+3.0 percent) level last year. The average sales price in August was $527,355, an 9.4 percent increase from last August s average of $482,216.

6 Monthly Home Sales Index Washington, DC - August 2016 The Monthly Home Sales Index is a two-year moving window on the housing market depicting closed sales and their median sales price against a backdrop of pending sales activity. It provides unique insight into the state of the current housing market by measuring the number of sales and new pending contracts for each month through the most recent month. The results include sales and pending contracts through and including August The stats shown are for the Washington, DC real estate market. About the Greater Capital Area Association of REALTORS The Greater Capital Area Association of REALTORS (GCAAR), one of the largest local REALTOR associations in the US, represents more than 10,000 REALTOR members from Washington, DC and Montgomery County, Maryland, as well as industry-related professionals who follow the real estate market. About MarketStats by ShowingTime MarketStats by ShowingTime is a primary source of real estate data for directly from the multiple listing service (MRIS), offering dynamic charts and analytics for all regions, counties, cities, ZIP codes and subdivisions within the MRIS region. SmartCharts Pro is a premium subscription service provided by MarketStats by ShowingTime that is currently available as a free benefit for all GCAAR members at