February 2017’s median sales price of $399,700 was up $19,700 or 5.2% compared to last year. This is the highest February median sales price of the last decade, exceeding the prior high of $390,000 seen in 2015.
Sales volume across the DC Metro area was nearly $1.59 billion, up 16.7% from last February.
Closed sales of 3,098 were up 7.8% compared to last year, also the highest February level in a decade, and exceeding the 2,874 sales recorded last February.
Pending sales also reached a ten-year February high at 4,656, increasing by 2.7% over last year.
New listings of 5,560 increased 7.5% compared to last year.
Active listings of 7,503 are down 9.5% compared to last year, although up 3.9% compared to last month. This is the tenth consecutive month of declines in year-over-year inventory levels.Inventories are at the lowest February level since 2014.
The average percent of original list price received at sale in February was 97.4%, up from last year’s 96.7%, also up slightly from last month’s 97.0%.
The median days-on-market for February 2017 was 28 days, 16 days lower than last year and six days lower than last month.