DC home prices reach 10-year high

The median sale price of a house or condo in the D.C. area hit the highest level in a decade. But the number of new listings and overall sales are down. (Thinkstock)

WASHINGTON — The median sale price of a house or condo in the D.C. metro area was $436,500 in April — up 4.1 percent from a year earlier, and the highest April median sales price of the last decade, easily exceeding last year’s record of $419,250.

Data from MarketStats by ShowingTime — based on listing activity from MRIS, a Bright MLS — also says the D.C. market continues to suffer from a lack of properties for potential buyers to look at.

New listings in April were down 13 percent from a year ago, and total active listings were down 14 percent.

Bright MLS said it was the 12th consecutive month of declines in year-over-year inventory levels. Inventories are at the lowest April level since 2014.

So, where are the sellers?

“I think at this point, it might just be about uncertainty,” Andrew Strauch, vice president at Bright MLS, told WTOP.

“People don’t know what their taxes are going to look like, they don’t understand what their different benefits are going to look like and there are lots of things in [a seller’s] life that are up in the air,” he said.

Strauch also says move-up sellers face the same issue of lack of sufficient listings on the market that first-time buyers are facing.

The lack of homes on the market is impacting sales.

Closed sales across the D.C. metro area were down 1.7 percent from a year ago, and contracts signed were down 8.3 percent from last April.

Sellers continue to get what they want and sell fast, with an average percent of original list price received at sale of 98.7 percent last month.

The median days-on-market was 10 days, compared to 14 days last April.

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