Strong Finish for 2015 DC Real Estate Market

Summary: The entire region has enjoyed increased volume and prices since last year. In fact, December saw significant increases in volume as compared to November, which may be due in part to many buyers seeking to lock-in low rates and the mild weather thus far. Despite more inventory, the days on market has actually shortened as well. Prices have dipped slightly but not significantly. With a strong finish to 2015, it seems we are well-poised for a strong 2016 market, though buyers will certainly watch interest rates closely to see if they continue to rise as expected.

Highlights

1) The entire region has seen an increase in sales since this time last year, with Baltimore and MD suburbs of DC showing double-digit gains. Month-over-month sales has increased as well.

2) Prices have dipped slightly since this time last year for much of the region, however, Baltimore has seen a slight increase.

3) The entire region has seen days on market shorten year-over-year, with the most significant improvement in DC.

4) There are significantly more homes for sale in all areas as compared to this time last year.

December 2015 statistics

MD suburbs of DC

- Volume = Total Sales are up 23.4% Month-over-Month (MoM) and up 10.8% Year-over-Year (YoY)

- Price = Median price is down 0.8% and average is down 0.6% YoY

- Time = Median days on market is 35 days (vs 36 days in December 2014)

- New Listings = New listings are up 8.8% YoY

Washington, DC

- Volume = Total Sales are up 5.4% MoM and up 5.1% YoY

- Price = Median price is down 0.5% and average price is down 1.2% YoY

- Time = Median days on market is 17 days (vs 21 days in December 2014)

- New Listings = New listings are up 4.7% YoY

NoVA

- Volume = Total Sales are up 36.3% MoM and up 0.1% YoY

- Price = Median price is down 0.6% and average price is down 3.7% YoY

- Time = Median days on market is 43 days (vs 44 days in December 2014)

- New Listings = New listings are up 7.2% YoY

Baltimore Metro

- Volume = Total Sales are up 30% MoM and up 12.8% YoY

- Price = Median price is up 2.2% and average price is up 1.6% YoY

- Time = Median days on market is 47 days (vs 56 days in December 2014)

- New Listings = New listings are up 8.5% YoY