Recent pending sales data suggests home buying activity in Washington, D.C. should be up on a year-over-year basis during early 2016. While activity and pricing vary by for-sale segment, DC should also continue to favor sellers this year.

  • Median days on the market drops to seven or eight days in a number of D.C. neighborhoods.
  • Condo/co-op sectors leads the way in terms of sales activity.
  • Median prices for townhomes and detached homes continue to increase by double digits year-over-year.

Recent pending sales data suggests home buying activity in Washington, D.C. should be up on a year-over-year basis during early 2016. While activity and pricing vary by for-sale segment, DC should continue to motivate sellers this year.

In November, there were 714 new pending sales in the district, an 8.7 percent year-over-year rise, according to data from Real Estate Business Intelligence (RBI). Leading the way was the condo/co-op sector with 336 pending sales, which equated to a 25 percent year-over-year jump.

While detached homes and townhomes have recently escalated in value, condo values have remained relatively unchanged on a year-over-year basis, sitting at $435,000. Being that this product type represents the most affordable housing option in the district, it’s no surprise the segment accounted for nearly half of all pending sales in November.

Entering December, there was 2.1 months of condo supply, according to analysis of RBI data by the Greater Capital Area Association of Realtors.

[Tweet “D.C. should continue to favor sellers in early 2016.”]

Pending sales in the townhome segment were down 5.9 year-over-year in November; however, it appears price appreciation isn’t slowing down. The median sales price for a townhouse recently stood at $680,000, a 13.4 percent year-over-year and the highest median price reached in any November. At the start of December, there was only 1.5 months of townhome supply.

Detached homes increased even more than townhomes, up 26.9 percent year-over-year to $825,000. Despite this significant gain in value the volume of pending sales, 122, spiked by nearly 9 percent year-over-year.

Combining all housing segments the district entered December with only two months of total supply, including 2.5 months of inventory in the $1 million to $2.5 million luxury home sector. Inventory has remained low despite a nearly 15 percent year-over-year rise in listing activity, which suggests properties are selling fast once listed.

Email Erik Pisor

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×