Last month’s median sale price for D.C. home listings topped the figure for any prior month in the city, according to data from a new report released Monday by Bright MLS.
The city saw 5,620 closed sales in May 2017, and a median price of $460,000 represents a 7 percent increase from May 2016, according to the report.
The number of closed sales was the highest for any May tally of the past decade, and 3.5 percent larger than May 2016. The previous high point for median sales price was $446,000 in June 2016.
New listings also increased from last year — 8,085 in May 2017 versus 7,436 a year ago. Only 2008 and 2015 had more new May listings than this year.
Houses are flying off the market at a rapid pace. Last month, the median number of days on the market for a new listing was 10; last year at the same time, that figure was 13.
Inventory, meanwhile, continues to become more elusive. The data show 9,865 active listings in May, down 10 percent from last year, and marking the 13th consecutive month of year-to-year declines in active listings. The sharp declines are even more visible when comparing the active listings to those of May 2008, when 25,872 homes came on the market.