March 2018 Housing Statistics
The following analysis of the Washington, D.C. Metro and Baltimore Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on March 2018 Bright MLS housing data.
DC Metro Area - Overview
The Washington D.C. Metro March median sales price of $435,000 was up 3.6% or $15,000 compared to last year and was up 6.1% or $25,000 compared to last month.
Sales volume across the DC Metro area was over $2.2 billion, down 2.6% from last year.
Closed sales were down 4.8% to 4,238, the 4th consecutive month of declines in Y-o-Y sales.
New contracts of 5,865 were down 6.2% compared to last year.
The 7,583 new listings in March were down 7.6% compared to last year.
Active listings of 7,532 are down 12.9% compared to last year but are up 16.0% compared to last month. This is the 23rd consecutive month of declines in year-over-year inventory and the third consecutive month of double-digit declines in inventory levels.
The average percent of original list price received at sale in March was 98.4%, up from last year's 97.9( and at the higest March level of the past decade.
The median days-on-market this month was 13 days, down two days from last year but less than half of what it was last month. This was the shortest March DOM of the last ten years.
About the DC Metro Housing Market Update
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.