Sep 201419

Areas of Washington, D.C., Housing Market See Increased Median Sale Prices in August 2014

Sep 201419

Areas of Washington, D.C., Housing Market See Increased Median Sale Prices in August 2014

Market Minute LogoLong & Foster Real Estate, 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 August. Active inventory fell by 12 percent in Washington, D.C., compared to the same month in 2013. August data also shows that in most neighborhoods homes are selling in a month or less average. Many individual neighborhoods in the city, however, continued to outperform the District as a whole.

WashingtonDC MM Chart 0914

Across the city, the number of homes sold in August decreased by 12 percent year-over-year, although many individual neighborhoods experienced significant increases. For example, the Columbia Heights and Mt. Pleasant neighborhood saw a 34 percent jump in number of units sold and the Brookland and Woodridge neighborhood experienced a 15 percent increase. The Georgetown neighborhood followed with a 12 percent uptick in the number of units sold.

According to August data, the median sale price in Washington, D.C., rose by 2 percent overall compared to the same month in 2013, but several neighborhoods saw larger increases in median sale price. The Shepherd Park and Petworth neighborhood enjoyed the largest improvement at 37 percent. The Anacostia and Hillcrest neighborhood saw a 26 percent increase. The Penn Quarter and Shaw neighborhood experienced a 15 percent jump in median sale price.

Active inventory decreased by 12 percent throughout the city in August. The Columbia Heights and Mt. Pleasant neighborhood had a 42 percent drop in active inventory, and the Southwest and Waterfront neighborhood saw a 31 percent decrease. Both the Brookland and Woodridge, and Capitol Hill (SE) neighborhoods experienced a 26 percent decline.

In August, the District experienced a days on market (DOM) average of 30 days. The Capitol Hill (SE), and Columbia Heights and Mt. Pleasant neighborhoods each experienced a marketing period of 13 days. The Southwest and Waterfront neighborhood saw a DOM average of 15 days.

“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”

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.