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 decrease in the number of homes sold and an increase in median sale price in April. Active inventory fell by 13 percent in the Washington, D.C., area compared to the same month in 2013. April data also shows that in most neighborhoods homes are selling in about four weeks on average. Many individual neighborhoods in the city, however, continued to outperform the District as a whole.
Across the city, the number of homes sold in April decreased by 5 percent year-over-year, but some neighborhoods experienced increases. For example, the Columbia Heights and Mt. Pleasant neighborhood saw a large 54 percent increase in number of units sold and the Penn Quarter and Shaw neighborhood experienced a 25 percent increase. The Southwest and Waterfront neighborhood followed with a 22 percent increase in the number of units sold.
Median sale price in Washington, D.C., increased by 6 percent overall compared to the same month in 2013, according to April data. The Spring Valley and Wesley Heights neighborhood saw the largest increase at 60 percent. The Brookland and Woodridge neighborhood saw a 45 percent increase. Both the Logan Circle and Dupont, and Adams Morgan and U Street neighborhoods experienced a 15 percent increase in median sale price.
Active inventory decreased by 13 percent throughout the city in April. The Anacostia and Hillcrest neighborhood saw a 47 percent decrease in active inventory. The Foggy Bottom and West End neighborhood experienced a 31 percent decrease in active inventory, while the Georgetown neighborhood saw a 24 percent decrease.
In April, the District experienced a days on market (DOM) average of 27 days, with the Cleveland Park and Kalorama neighborhood experiencing a marketing period of just nine days. The Chevy Chase and Capitol Hill (SE) neighborhoods followed closely behind with DOMs of 10 days and 11 days, respectively. The Logan Circle and Dupont neighborhood saw a DOM of 15 days.
“The spring housing market is beginning to bounce back, and we’re seeing many positive trends happening in the real estate market in the Mid-Atlantic, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, median sale prices are increasing and homes are selling at a faster pace than in previous months. We anticipate these developments will continue, and we’ll see more great happenings in the real estate market throughout the spring.”
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.