STATPAK
WASHINGTON, DC MARCH 2017
McEnearney.com
MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017
CONTRACTS Contract activity in February 2017 was up 9.6% from February of 2016, and there were increases in all six price categories. DC was the only jurisdiction with across the board increases. The average number of days on the market for homes receiving contracts was 43 days in February 2017, down slightly from 46 days last February.
URGENCY INDEX The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in February compared to the year prior. During the past 12 years, the Index has been as high as 93% (May 2005) and as low as 29% (December 2008). In February 2017, the Urgency Index was 66.2%, up from 61.5% in February 2016.
INVENTORY The number of homes on the market at the end of February was up 8.8% compared to the inventory at the end of February 2016. DC was the only area that had an increase in the number of available listings. There was also a 16.1% increase in the number of new listings that came on the market in February this year. Overall supply at the end of February was 1.5 months, the same as this time last year. DC’s supply remains the tightest in the region.
INTEREST RATES The rate for a 30-year fixed mortgage ended February at 4.10%. That’s slightly lower than the 4.19% rate at the end of January, but is a half point higher than it was this time last year. Rates have edged a bit higher as we have moved into March, and the Federal Reserve raised its benchmark rate for the second time in three months. While that does not have a direct impact on mortgage rates, the Fed’s move is certainly a sign of its confidence in the economy – and we can expect mortgage rates to rise modestly through the year.
AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 4.2% higher today than it was a decade ago in February 2007, and is also 12.7% higher than February of last year. The mortgage payment for a median priced home ($2,508) was essentially the same in February as the median rented price ($2,500).
DIRECTION OF THE MARKET Virtually every key indicator is positive for the Washington, DC real estate market, mirroring the metro region as a whole. The spike in interest rates has brought buyers into the market out of concern that rising rates may price them out of the market if they don’t act, and an extremely mild winter has helped as well. The number of contracts is up, homes are selling in less time, and inventory is very low. Absorption rates above 30% are indicative of a seller’s market, and rates are higher than that for every property type – condo, attached and detached homes – in almost every price range under $1,000,000. It’s a good time to be a seller and perhaps a frustrating time for buyers who are faced with fewer choices and more competition for that limited inventory. Unless otherwise noted, data derived from Metropolitan Regional Information Systems, Inc. (MRIS®). “Northern Virginia” is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax. Copyright © 2017 – McEnearney Associates
Washington, DC StatPak - Page 1
MONTHLY SUMMARY FEBRUARY 2016 vs. FEBRUARY 2017
WASHINGTON, DC Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
February 2016 475 1,078 807 710 46 $621,792 $2,963 61.5% 1.5
February 2017 574 1,173 937 778 43 $685,108 $2,307 66.2% 1.5
% Change 20.8% 8.8% 16.1% 9.6% -6.5% 10.2% -22.1% 7.6% -0.7%
MONTGOMERY COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
664 2,088 1,154 1,035 78 $494,458 $3,705 46.4% 2.0
725 1,756 1,213 1,014 58 $516,247 $4,012 59.1% 1.7
9.2% -15.9% 5.1% -2.0% -25.6% 4.4% 8.3% 27.4% -14.2%
NORTHERN VIRGINIA Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
1,117 3,400 2,186 1,720 67 $537,757 $3,631 54.4% 2.0
1,220 2,986 2,312 1,789 48 $542,929 $2,993 68.6% 1.7
9.2% -12.2% 5.8% 4.0% -28.4% 1.0% -17.6% 26.1% -15.6%
LOUDOUN COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
362 1,392 713 521 73 $448,685 $4,149 49.9% 2.7
361 1,073 721 544 39 $460,313 $3,427 71.7% 2.0
-0.3% -22.9% 1.1% 4.4% -46.6% 2.6% -17.4% 43.7% -26.2%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Washington, DC StatPak - Page 2
YEAR-TO-DATE SUMMARY 2016 vs. 2017
WASHINGTON, DC Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
Year-to-Date Jan-Feb Jan-Feb 2016 2017 932 1,128 1,086 1,137 1,554 1,761 1,232 1,419 47 44 $610,300 $677,259 $3,045 $2,491 59.3% 62.2% 1.8 1.6
MONTGOMERY COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
1,326 2,101 2,027 1,791 78 $473,356 $3,695 42.2% 2.3
1,436 1,760 2,211 1,851 63 $498,759 $3,893 53.8% 1.9
8.3% -16.2% 9.1% 3.4% -18.8% 5.4% 5.3% 27.3% -18.9%
NORTHERN VIRGINIA Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
2,143 3,333 3,722 2,982 72 $535,906 $3,587 46.0% 2.2
2,347 2,857 4,007 3,239 57 $545,544 $3,239 59.4% 1.8
9.5% -14.3% 7.7% 8.6% -20.8% 1.8% -9.7% 29.1% -21.1%
LOUDOUN COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
694 1,372 1,244 936 79 $465,412 $4,219 44.8% 2.9
719 1,025 1,233 984 50 $472,539 $3,869 64.6% 2.1
3.6% -25.3% -0.9% 5.1% -37.6% 1.5% -8.3% 44.4% -29.0%
% Change 21.0% 4.7% 13.3% 15.2% -6.4% 11.0% -18.2% 4.9% -9.1%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Washington, DC StatPak - Page 3
WASHINGTON, DC – Detail Pages 30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES
MORTGAGE RATES
Month-End Mortgage Rates – 2010-Current
6.50 6.00
1-Year ARM 30-Year Fixed
5.50
Interest Rate
5.00 4.50 4.00
30-year fixed interest rates at the end of February averaged 4.10%, compared to 3.62% at the end of February 2016. One-year adjustable rate mortgages were 3.14% at the end of February 2017, which is up from 2.79% at the end of February 2016.
3.50 3.00 2.50 2.00
BUYING POWER
BUYING POWER
Mortgage Amount with $1,000 Payment
AVERAGES SALE PRICE
A $1,000 principal and interest payment supported a loan of $206,954 at the end of February, which is $12,455 less than February 2016 but $44,507 more than February 2006. In February 2007, it would have taken a monthly PI payment of $2,408 to purchase a medianpriced home. Today it takes a payment of $2,508 to buy a median-priced home. That’s a 4.2% increase. However, the median price is $125,000, higher today than it was a decade ago.
AVERAGE PRICES
Washington, DC – 2009-Current
Copyright © 2017 – McEnearney Associates
The average sales price in February 2017 was $685,108, an increase of 10.2% from the February 2016 average price of $621,792. DC has the highest average and median sales price in the region. Remember that the change in the average sales price – up or down – doesn’t mean that individual home prices are impacted the same way.
Washington, DC StatPak - Page 4
URGENCY INDEX
URGENCY INDEX – 2013-Current
% of Contracts on the Market for 30 Days or Less Washington, DC – 2013-Current % of Contracts
90%
# Contracts
1,000
80% 70%
600
50% 40%
400
30% 20%
Number of Contracts
800
60%
200
Jan 17
Nov 16
Jul 16
Sep 16
May 16
Jan 16
Mar 16
Nov 15
Jul 15
Sep 15
May 15
Jan 15
Mar 15
Nov 14
Jul 14
Sep 14
May 14
Jan 14
Mar 14
Nov 13
Jul 13
Sep 13
May 13
0%
Jan 13
10%
Mar 13
% of Contracts on the Market for 30 Days or Less
1,200
100%
URGENCY INDEX
0
This chart compares the number of contracts (green line) to the percent that were on the market 30 days or less (blue bars). At first glance, it may appear that the lower contract activity also means a lower percentage of homes that sell quickly – but that’s not always true. As an example, December is always the month with the lowest number of contracts. December 2011 (not on this chart) had an index near 30% range, but that jumped to 50% in 2012, an early indicator that the market was picking up heading into 2013.
URGENCY INDEX - February
Washington, DC – February 2006-2017
URGENCY INDEX DC Metro Area by Jurisdiction Comparison - February 2017
URGENCY INDEX – DC Metro Area
Copyright © 2017 – McEnearney Associates
In the past 12 years, the February Urgency Index has been as high as 66.2% and as low as 39.5%. The current rate is the high water mark over that period of time. The average February Urgency Index during the past 12 years is 53.5% – which is significantly lower than where it is now in DC. There was a 9.6% increase in the number of new contracts for February 2017 compared to 2016 – and the Urgency Index increased from 61.5% to 66.2%.
The average February Urgency Index during the past 12 years for all four of the jurisdictions we track is 50.4%. DC came in third this month behind both Loudoun and Northern Virginia, but it has fared better than its neighboring jurisdictions for well over a year, and generally has the most robust market in the region.
Washington, DC StatPak - Page 5
NEW CONTRACT ACTIVITY
NEW CONTRACT ACTIVITY Washington, DC – February 2016 vs. February 2017 by Price Range
38
$1,500,000 and higher
36 55
$1,000,000 - $1,499,999
February 2017
47
February 2016 103
$750,000 - $999,999
95 197
$500,000 - $749,999
As noted on page 2, the number of new contracts ratified in February 2017 was up 9.6% from February 2016, and there were increases for all price categories. As noted on page 3, contract activity year-to-date is up 15.2%. Only 23.8% of all homes going under contract in February had at least one price reduction.
170 245
$300,000 - $499,999
227 140
$0 - $299,999
135 0
50
100
150
200
250
300
# of New Contracts
FULLY AVAILABLE LISTINGS
FULLY AVAILABLE LISTINGS Washington, DC – February 29, 2016 vs. February 28, 2017
MONTHS’ SUPPLY
MONTHS’ SUPPLY Washington, DC – End of February 2016 vs. End of February 2017
4.4
$1,500,000 and higher
3.7 1.9
$1,000,000 - $1,499,999
1.4 1.5
$750,000 - $999,999
1.2 1.3
$500,000 - $749,999
February 2017
1.5
February 2016
1.2
$300,000 - $499,999
As noted on page 2, the available inventory for February 2017 was up 8.8% from February 2016. Inventory increased for the top three price categories. 29.2% of all homes on the market have had at least one price reduction since coming on the market.
The overall supply of homes on the market at the end of February 2017 was 1.5 months, the same as the supply at the end of February 2016. That’s the lowest supply in the metro area. In addition to the lowest overall supply, DC has the most balanced supply in the region across all but the highest price category.
1.3 1.5
$0 - $299,999
1.4 0
1
2
3
4
5
# of Months' Supply
Copyright © 2017 – McEnearney Associates
Washington, DC StatPak - Page 6
AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS
AVERAGE NUMBER OF DAYS ON MARKET Washington, DC – February 2016 vs. February 2017 – New Contracts 67.3
$1,500,000 and higher
125.1 48.6
$1,000,000 - $1,499,999
40.3 37.3
$750,000 - $999,999
35.5
The average number of days on the market for all homes receiving contracts in February 2017 was 43 days, which was a 6.5% decrease from February 2016.
34.4
$500,000 - $749,999
32.6
February 2017 February 2016
41.0
$300,000 - $499,999
42.5 51.8
$0 - $299,999
54.5 0
20
40
60
80
100
120
140
# of Days on Market
NUMBER OF NEW LISTINGS, NEW CONTRACTS, AND ACTIVE LISTINGS Washington, DC – January 2011-Current
NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET Resale Properties Sold in Washington, DC – February 2016 vs. February 2017
There were 937 new listings that came on the market in February 2017, a 16.1% increase from the 807 in February 2016. The wide gap between available listings and new contract activity that characterized the second half of the last decade has steadily narrowed during the past three years.
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET
Initial pricing strategy is critical to the listing process, regardless of market conditions. The longer a home sits on the market, the deeper the discount to its original list price will likely be. Homes settling in February 2017 that received contracts their first week on the market sold, on average, 1.54% above list. Those that took 4 months or longer to sell sold for 9.72% below the original price.
SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA
The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed “Sales” are transactions that settled during the statistical period; “Under Contracts” are contracts negotiated during the statistical period, but not yet settled “Available Listings” reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. “Months’ Supply” is simply the number of “Fully Available Listings” on the market at the end of the month divided by the number of “Contracts” ratified that month.
Copyright © 2017 – McEnearney Associates
Washington, DC StatPak - Page 7
Analysis by Property Type – Condo/Co-op LISTINGS
CONDO/CO-OP - LISTINGS
Condo/Co-op Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
70
92
31.4%
130
143
10.0%
$300,000 - $499,999
153
175
14.4%
194
183
-5.7%
$500,000 - $749,999
131
109
-16.8%
147
132
-10.2%
$750,000 - $999,999
39
57
46.2%
46
77
67.4%
$1,000,000 - $1,499,999
19
34
78.9%
29
43
48.3%
$1,500,000 & higher
12
20
66.7%
35
43
22.9%
Grand Total:
424
487
14.9%
581
621
6.9%
CONTRACTS
CONDO/CO-OP - CONTRACTS
Condo/Co-op Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
82
87
6.1%
149
161
8.1%
$300,000 - $499,999
139
147
5.8%
231
265
14.7%
$500,000 - $749,999
89
95
6.7%
169
184
8.9%
$750,000 - $999,999
23
32
39.1%
36
55
52.8%
$1,000,000 - $1,499,999
10
14
40.0%
15
29
93.3%
$1,500,000 & higher
7
7
0.0%
10
12
20.0%
350
382
9.1%
610
706
15.7%
Grand Total:
SETTLEMENTS
Condo/Co-op Settlements
New This Month
Year-To-Date
2017
% Change
2016
2017
% Change
$299,999 and under
48
58
20.8%
112
112
0.0%
$300,000 - $499,999
80
111
38.8%
153
208
35.9%
$500,000 - $749,999
75
86
14.7%
145
163
12.4%
$750,000 - $999,999
16
20
25.0%
27
44
63.0%
$1,000,000 - $1,499,999
6
16
166.7%
10
26
160.0%
$1,500,000 & higher
4
7
75.0%
4
12
200.0%
229
298
30.1%
451
565
25.3%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Condo/Co-op
$510,221 $540,302
Copyright © 2017 – McEnearney Associates
5.9%
$480,053 $536,605
The number of condos and co-ops receiving ratified contracts increased 9.1% in February 2017 compared to February 2016. Year-to-date, contract activity is up 15.7% compared to 2016.
CONDO/CO-OP – SETTLEMENTS AND AVERAGE PRICE
2016
Grand Total:
The number of new listings for condos and co-ops coming on the market increased 14.9% compared to February 2016. The fully available inventory of condos as of February 28, 2017 is 6.9% more than the same time in 2016.
The number of condos and co-ops settling in February 2017 increased 30.1% compared to February 2016. Year-to-date, the number of settlements is up 25.3%. The average price was up 5.9% compared to February 2016. Year-to-date, the average price is up 11.8%.
11.8% Washington, DC StatPak - Page 8
Analysis by Property Type – Fee Simple Attached LISTINGS
ATTACHED HOMES – LISTINGS
Fee Simple Attached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
37
37
0.0%
51
46
-9.8%
$300,000 - $499,999
54
76
40.7%
58
62
6.9%
$500,000 - $749,999
88
101
14.8%
85
76
-10.6%
$750,000 - $999,999
54
69
27.8%
53
60
13.2%
$1,000,000 - $1,499,999
22
36
63.6%
28
42
50.0%
$1,500,000 & higher
15
17
13.3%
33
45
36.4%
Grand Total:
270
336
24.4%
308
331
7.5%
CONTRACTS
ATTACHED HOMES – CONTRACTS
Fee Simple Attached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
42
42
0.0%
78
73
-6.4%
$300,000 - $499,999
60
72
20.0%
111
121
9.0%
$500,000 - $749,999
70
87
24.3%
122
155
27.0%
$750,000 - $999,999
51
56
9.8%
82
89
8.5%
$1,000,000 - $1,499,999
24
31
29.2%
38
54
42.1%
$1,500,000 & higher
14
15
7.1%
21
27
28.6%
Grand Total:
261
303
16.1%
452
519
14.8%
SETTLEMENTS
Fee Simple Attached Settlements
New This Month
Year-To-Date
2017
% Change
2016
2017
% Change
$299,999 and under
27
30
11.1%
53
51
-3.8%
$300,000 - $499,999
39
50
28.2%
76
111
46.1%
$500,000 - $749,999
55
60
9.1%
99
111
12.1%
$750,000 - $999,999
32
32
0.0%
69
71
2.9%
$1,000,000 - $1,499,999
18
23
27.8%
25
37
48.0%
$1,500,000 & higher
9
13
44.4%
17
27
58.8%
180
208
15.6%
339
408
20.4%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Attached
$677,166 $729,866
Copyright © 2017 – McEnearney Associates
7.8%
$664,046 $706,330
Contract activity for attached homes increased 16.1% in February 2017 compared to February 2016. Year-to-date, contract activity is up 14.8% compared to last year.
ATTACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
2016
Grand Total:
The number of new listings coming on the market in February 2017 for fee simple attached homes increased 24.4% compared to February 2016. The fully active inventory at the end of February increased 7.5% compared to the available inventory at the end of February 2016.
The number of settlements increased 15.6% in February 2017 compared to February 2016. Year-to-date, the number of settlements is up 20.4%. The average sales price was up 7.8% in February 2017 compared to February 2016. The average sales price year-todate is up 6.4%.
6.4% Washington, DC StatPak - Page 9
Analysis by Property Type – Fee Simple Detached DETACHED HOMES – LISTINGS
LISTINGS
Fee Simple Detached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
8
12
50.0%
14
16
14.3%
$300,000 - $499,999
29
23
-20.7%
54
45
-16.7%
$500,000 - $749,999
20
25
25.0%
31
41
32.3%
$750,000 - $999,999
21
17
-19.0%
15
20
33.3%
$1,000,000 - $1,499,999
12
13
8.3%
10
20
100.0%
$1,500,000 & higher
23
24
4.3%
65
79
21.5%
Grand Total:
113
114
0.9%
189
221
16.9%
DETACHED HOMES – CONTRACTS
CONTRACTS
Fee Simple Detached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
11
11
0.0%
18
23
27.8%
$300,000 - $499,999
28
26
-7.1%
44
55
25.0%
$500,000 - $749,999
11
15
36.4%
31
32
3.2%
$750,000 - $999,999
21
15
-28.6%
34
33
-2.9%
$1,000,000 - $1,499,999
13
10
-23.1%
18
17
-5.6%
$1,500,000 & higher
15
16
6.7%
25
34
36.0%
Grand Total:
99
93
-6.1%
170
194
14.1%
SETTLEMENTS
Fee Simple Detached Settlements
The number of new listings for fee simple detached homes increased just 0.9% in February 2017 compared to February 2016. The number of detached homes on the market on February 28, 2016 was up 16.9% compared to February 29, 2016.
New This Month
DETACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
8
6
-25.0%
20
13
-35.0%
$300,000 - $499,999
15
13
-13.3%
30
34
13.3%
$500,000 - $749,999
16
14
-12.5%
30
31
3.3%
$750,000 - $999,999
12
16
33.3%
26
28
7.7%
$1,000,000 - $1,499,999
7
6
-14.3%
19
19
0.0%
$1,500,000 & higher
8
13
62.5%
17
30
76.5%
Grand Total:
66
68
3.0%
142
155
9.2%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Detached
$826,627 $1,091,241
Copyright © 2017 – McEnearney Associates
32.0%
$875,011 $1,067,777
Contract activity for detached homes decreased 6.1% in February 2017 compared to February 2016. The number of contracts yearto-date is up 14.1%.
The number of settlements increased 3.0% in February 2017 compared to February 2016. Year-to-date, there has been an increase of 9.2%. The average sales price for detached homes increased 32.0% in February 2017 compared to February 2016. The average price year-to-date increased 22.0%.
22.0% Washington, DC StatPak - Page 10
Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market, and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # Contracts/(# Contracts + # Available).] An example: The absorption rate for attached homes priced $500,000-$749,999 in February 2017 was 53.4%; that compares to a rate of 45.2% in February 2016, and the increase means the market was better in 2017 for that type of home. If the absorption rate was less in 2017 than in 2016, we have put the 2017 rate in red. This month there was improvement for 7 of the 18 individual price categories.
Condo/Co-op Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
130
82
38.7%
143
87
37.8%
$300,000 - $499,999
194
139
41.7%
183
147
44.5%
$500,000 - $749,999
147
89
37.7%
132
95
41.9%
$750,000 - $999,999
46
23
33.3%
77
32
29.4%
$1,000,000 - $1,499,999
29
10
25.6%
43
14
24.6%
$1,500,000 & higher
35
7
16.7%
43
7
14.0%
Grand Total:
581
350
37.6%
621
382
38.1%
Fee Simple Attached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
51
42
45.2%
46
42
47.7%
$300,000 - $499,999
58
60
50.8%
62
72
53.7%
$500,000 - $749,999
85
70
45.2%
76
87
53.4%
$750,000 - $999,999
53
51
49.0%
60
56
48.3%
$1,000,000 - $1,499,999
28
24
46.2%
42
31
42.5%
$1,500,000 & higher
33
14
29.8%
45
15
25.0%
Grand Total:
308
261
45.9%
331
303
47.8%
Fee Simple Detached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
14
11
44.0%
16
11
40.7%
$300,000 - $499,999
54
28
34.1%
45
26
36.6%
$500,000 - $749,999
31
11
26.2%
41
15
26.8%
$750,000 - $999,999
15
21
58.3%
20
15
42.9%
$1,000,000 - $1,499,999
10
13
56.5%
20
10
33.3%
$1,500,000 & higher
65
15
18.8%
79
16
16.8%
Grand Total:
189
99
34.4%
221
93
29.6%
Copyright © 2017 – McEnearney Associates
ABSORPTION RATES – CONDOS AND CO-OPS
The overall absorption rate for condos and co-ops for February was 38.1%, an increase from the 37.6% rate in February 2016. The absorption rate for condos across most price ranges is more balanced in DC than anywhere else in the region.
ABSORPTION RATES – ATTACHED HOMES
The overall absorption rate for attached homes for February was 47.8%, which is slightly more than the 45.9% rate in February 2016. Again, look at the balance across most price ranges.
ABSORPTION RATES – DETACHED HOMES
February 2017’s absorption rate for detached homes was 29.6%, an increase from 34.4% in February 2016. And the balance among the price ranges is evident here as well.
Washington, DC StatPak - Page 11