Wednesday, March 14, 2012

Market Update


The latest stats for the Washington metro area have been released and here are some of the key trends as we head into the Spring market.
  • Sales Price is Up -  The median sale price in the DC Metro Area is up 6.0% year-over-year to $317,900. The median sale price for townhouse properties was up 9.5% over February 2011, condo/co-op prices were up 6.8% and detached properties were 2.8% higher than the same period last year. Year to date, the median sales price of $312,000 represents a 4.0% increase over January-February 2011.
  • Sales and New Contracts - The 2,507 homes sold in the Washington, D.C. Metro Area represent the highest February total since 2007. The number of homes sold are 4.2% higher than the five-year February average and represent  a 1.9% increase over February 2011 and a 7.0% increase over January 2012.  There was a significant uptick in new contracts in February, with 4,501 new contract agreements signed representing an 18.4% increase over January and an 11.4% increase over February 2011. The increase in contract activity continues to be influenced by low interest rates, increasing consumer confidence and unusually mild winter weather compared to years past and is a promising sign heading into the spring market
  •  New Listing Activity - The 4,794 new properties listed in February are 2.3% more than the same period last year and it marks the first time since May 2011 that the area saw a year-over-year increase in new listing activity.
  • Overall Inventory - This story remains the same:  Active inventory is at the lowest level since August 2005.  The 9,823 active listings to close the month represent a 27.3% dip from February 2011 and are 38.5% lower than the five-year February average.

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