Apr 201423

Much of the Washington, D.C., Housing Market Sees Increased Sale Prices in March 2014

Apr 201423

Much of the Washington, D.C., Housing Market Sees Increased Sale Prices in March 2014

Market Minute LogoLong & Foster Real Estate, Inc., the largest independent residential real estate company in the United States, has updated its neighborhood level versions of The Long & Foster Market Minute for 15 areas within Washington, D.C.

Overall, Washington, D.C., experienced a year-over-year decrease in the number of homes sold and an increase in median sale price in March. Active inventory fell by 12 percent in the Washington, D.C., area compared to the same month in 2013. March data also shows that in most neighborhoods homes are selling in about six weeks on average. Many individual neighborhoods in the city, however, continued to outperform the District as a whole.

March 2014 Market Minute Chart

As a whole, the number of homes sold in the District in March decreased by 6 percent year-over-year. The Columbia Heights and Mt. Pleasant neighborhood saw a large 85 percent increase in number of units sold and the Capitol Hill (NE) neighborhood experienced a 26 percent increase. The Southwest and Waterfront neighborhood followed with a 21 percent increase in the number of units sold.

Median sale price in Washington, D.C., increased by 1 percent overall compared to the same month in 2013, according to March data. The Anacostia and Hillcrest neighborhood saw the largest increase at 37 percent. The Southwest and Waterfront neighborhood saw a 36 percent increase, and the Georgetown neighborhood experienced a 24 percent increase in median sale price.

Active inventory decreased by 12 percent throughout the city in March. The Anacostia and Hillcrest neighborhood saw a 44 percent decrease in active inventory. Both the Capitol Hill (NE) neighborhood and the Foggy Bottom and West End neighborhood saw 25 percent decreases in inventory. The Georgetown neighborhood experienced a 22 percent decrease in inventory.

In March, the District experienced a days on market (DOM) average of 40 days, with the Chevy Chase neighborhood and Southwest and Waterfront neighborhood each experiencing the shortest marketing period at 22 days on market. Both the Capitol Hill (SE) neighborhood and Columbia Heights and Mt. Pleasant neighborhood saw DOMs of 27 days.

“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some positive trends happening in the real estate market, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places we’re seeing homes sell quickly and increases in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the market.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.