Year-over-year existing-home sales across the Washington inner core were down slightly in May, while the median sales price was the highest of the decade, according to new data.
A total of 5,688 properties went to closing across the Washington region last month, a decrease of 0.6 percent from a year before. With the exception of April 2019, year-over-year sales have been in negative territory since last July.
Sales data were reported June 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.
Unlike the sales report for April, when sales were up in most jurisdictions across the region, May’s report showed increases only in the counties of Montgomery and Prince George’s and a bump up in the city of Falls Church. Sales were down modestly in Fairfax County, Alexandria and the District of Columbia, were down more substantially (off 11 percent) in Arlington and saw a relatively large drop in the city of Fairfax.
Some good news, perhaps: Sales of single-family homes across the region were up 3.7 percent (to 2,782). But they were offset by declines of 4.1 percent in the condo market (to 1,443) and 4.7 percent in the townhouse/rowhouse market (to 1,459).
The ongoing increase in median sales prices continues, with the overall median price of $480,000 up 3.2 percent from a year before. May marked the 32nd consecutive month of year-over-year increases in median sales price.
Add up the prices and sales, and total sales volume for May stood at $3.3 billion, up 0.7 percent from a year before.
Higher prices were fueled, in part, by a 9-percent year-over-year decline in active listings, which left some buyers without much room to maneuver in negotiations. Homes that went to closing in May received, on average, 99.4 percent of original listing price, the highest May figure of the past decade.
The highest median sales price of all jurisdictions was found in Falls Church ($905,000, up from $619,000 a year before), followed by Arlington ($615,000/$560,000), the District of Columbia ($600,555/$596,000), the city of Fairfax ($567,500/$572,000) and Fairfax County ($549,000/$529,950).
In May, 8,397 properties came onto the market, up 0.9 percent from a year before, with the single-family segment seeing a 5.2-percent increase in new listings while condos were down 5.7 percent and townhomes were down 1.3 percent.
Among jurisdictions, Montgomery County, Prince George’s County, the city of Fairfax and the District of Columbia were up in new listings; other jurisdictions saw declines. Alexandria and Arlington each saw declines of more than 20 percent.
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.