Long & Foster Market Minute® reports show low inventory levels

Long & 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 increase in the number of homes sold and in median sale price in April. Active inventory fell by 42 percent in the Washington, D.C., area compared to the same month in 2012. April data also shows that in many neighborhoods homes are now selling in a month or less, on average. Many individual neighborhoods in the city, however, continued to outperform the District as a whole.

As a whole, the number of homes sold in the District in April increased by 11 percent year-over-year. The Foggy Bottom and West End neighborhood saw a 59 percent increase in the number of homes sold. The Southwest and Waterfront, and Logan Circle and Dupont neighborhoods saw an increase of 29 percent and 20 percent of homes sold, respectively. The Georgetown neighborhood experienced an increase of 19 percent in homes sold in April.

Median sales price in Washington, D.C., increased 7 percent overall compared to the same month in 2012, according to the April data. The Anacostia and Hillcrest, and Southwest and Waterfront areas saw significant 42 percent and 40 percent increases in median sale price, respectively. Shepherd Park and Petworth, and Columbia Heights and Mt. Pleasant neighborhoods saw year-over-year increases in median sale price of 24 percent and 23 percent, respectively. The Georgetown and Capitol Hill (SE) neighborhoods also saw increase of 22 percent and 20 percent, respectively.

Inventory decreased by 42 percent throughout the city in April. The Southwest and Waterfront neighborhood saw a 56 percent decline, while Logan Circle and Dupont neighborhood saw active inventory decrease by 55 percent, when compared to year-ago levels. Other areas that saw significant declines were Adams Morgan and U Street, Anacostia and Hillcrest, Shepherd Park and Petworth, and Capitol Hill (NE) all with a 49 percent decline.

In April, the District experienced a days on market (DOM) average of 33 days, with the areas of Penn Quarter and Shaw, and Southwest and Waterfront areas experiencing the shortest marketing periods of 15 days and 17 days, respectively. Several areas in the city are receiving more than the list price for their homes, with homes sold in the Columbia Heights and Mt. Pleasant neighborhood receiving 103.4 percent of the listing price.

“The residential real estate market continues to bloom in the Washington, D.C. region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“Although housing inventory is still low, limiting buyers’ options, the Washington, D.C. market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Washington, D.C. region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”

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.