Sellers Are Returning to the Washington, DC Housing Market
March 15, 2013
Tips & Trends
From Rory S. Coakley on some of the latest real estate news and happenings.
Spring is not the only thing returning to the Washington region this month—an increased home inventory is also returning to the DC housing market.
New listings increased more than 13 percent across all property segments in February compared with the previous month, according to a report released Monday by RealEstate Business Intelligence and the George Mason University Center for Regional Analysis.
The uptick in homes for sale is a welcome sign in the DC housing market, which has been as dormant the past several months as the area’s flowers and trees. Threats of the fiscal cliff and sequestration coupled with many homeowners owing more than their homes are worth led to months of historically low inventory.
Now as home values begin to rise in some sub markets, more sellers are starting to come off the sidelines. The median sales price climbed to $355,000 in February, a 3.4 percent increase over January and an 11.7 percent increase from February 2012. Single-family detached homes showed the biggest price gains compared to townhouses and condominiums. Their median price grew by $72,000, a 19.5 percent increase from February 2012.
The average sale-to-list price ratio swelled to its highest percentage since June 2006, increasing to 97.1 percent.
Housing Trends for the Washington Metro Area
|Feb. 2012||Jan. 2013||Feb. 2013|
|Median sale price||$317,900||$343,200||$355,000|
Source: RealEstate Business Intelligence
Buyers, eager to take advantage of low mortgage rates, have been discouraged by how few homes are on the market. They should start to see more properties for sale in the coming weeks as the local DC housing market heads into its busiest season.
But even though their choices are limited, buyers continue to be tempted by low interest rates. Sales were up 7.5 percent in February from the previous month and up 7.1 percent compared with February 2012. Condominiums were the most popular property to buy. They accounted for 29.1 percent of all sales in the region, the highest proportion since January 2008.
February Median Sales Price by Jurisdiction
Source: RealEstate Business Intelligence
Despite the 4,541 new listings in February, the number of homes for sale remains near all-time lows. There were just 6,092 active listings last month, down from 9,823 in February 2012 and about half of February’s five-year average (12,525). Townhomes were in the scarcest supply, accounting for only 16.5 percent of all listings in the region.
Source: The Washington Post, washingtonpost.com
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Rory S. Coakley
Coakley Realty, Inc.
20 Courthouse Square, Suite 106
Rockville, MD 20850
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