A slight upward tick in average prices helped to offset relatively flat year-over-year sales in the inner D.C. core in August, leading the real estate market to a very slight increase in total sales volume for the month, according to new data.
A total of 5,073 properties went to closing last month, down 0.3 percent from 5,089 a year before, according to RealEstate Business Intelligence, based on data from Bright MLS and reported Sept. 12.
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.
The average sales price was higher by 0.4 percent to $520,954, but that was due largely to a bigger mix of single-family homes in the overall sales total. The average price of single-family properties declined 0.4 percent to $630,009, while the average price of attached homes was up 0.7 percent to $419,484. The average price of condominiums was down 1.8 percent to $344,861.
Add up the sales and prices, and the total sales volume of $2.64 billion was up 0.1 percent from a year before.
Homes that went to closing in August spent an average of 40 days on the market, an improvement from the 45 days required a year before, and averaged 97.8 percent of original listing price, up from 97.5 percent.
Conventional mortgages represented the method of transacting sales in 2,977 cases, followed by cash (734) and FHA-backed loans (712).
At the end of the month, there were 9,855 properties on the market, a decline in inventory of about 4.4 percent.
Where is the market headed? While the number of homes under contract was up from a year before, the total number of pending sales was down, giving a somewhat muddy picture.
Figures represent most, but not all, homes on the market. August 2017 figures are preliminary, and are subject to revision.