A total of 5,401 properties went to closing across the Washington region last month, a decrease of 8.3 percent from a year before and the lowest total for any June since 2014. With the exception of April 2019, year-over-year sales have been in negative territory since last July.
Sales data were reported July 11 by MarketStats by ShowingTime based on listing activity from Bright MLS. Figures represent sales in the District of Columbia; Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery and Prince George’s counties in Maryland.
Year-over-year sales were up only in the relatively small city of Fairfax, where the 40 transactions represented a boost of nearly 18 percent from a year before. Elsewhere, the trajectory was all down, with sales declining in a range between 3.7 percent in the District of Columbia and 46 percent in the city of Falls Church.
And yet, the median sales price of $490,000 represented an increase of 4 percent from a year before to reach an all-time high. Sales prices were up in all reporting jurisdictions except the cities of Fairfax and Alexandria.
The median sales price was 38.4 percent higher than at the low point immediately following the recession, set in June 2010 at $354,000.
The median sales price of single-family homes was flat at $600,000, while townhomes saw an increase of 6.2 percent to $469,500 and condominiums rose 3.3 percent to $325,000.
“The area’s performance was boosted again by the ‘Amazon effect,’ with Arlington County up 7.7 percent, the largest increase in the region, and Falls Church up 5.8 percent,” said Chris Finnegan of Bright MLS. “Condos and attached housing are especially hot.”
Total sales volume for the month was $3.1 billion, down 5.5 percent from a year before.
Homes that went to closing in June garnered an average 99.1 percent of listing price, the highest for any June since 2013. Townhomes saw an average 99.7 percent of listing price, followed by condos at 99.3 percent and single-family homes at 98.7 percent.
At 100.3 percent, Arlington saw the highest ratio of sales prices to listing prices across the region for the month.
New listings across the region were relatively soft in June – one theory being that, in the inner suburbs at least, some prospective sellers are holding their properties off the market to see how high prices might go.
The number of active listings regionwide at the end of June was 8,504, down more than 13 percent from a year before, with condo inventories seeing the biggest contraction. Inventory was particularly tight in Arlington, Alexandria and the city of Fairfax; only the District of Columbia saw a higher number of homes on the market than a year before.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision. For information, see the Website at www.brightmlshomes.com.