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 May. Active inventory fell by 13 percent in the Washington, D.C., area compared to the same month in 2013. May data also shows that in most neighborhoods homes are selling in a little over 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 May decreased by 2 percent year-over-year, although many individual neighborhoods experienced increases. For example, the Logan Circle and Dupont neighborhood saw a large 121 percent increase in number of units sold and the Foggy Bottom and West End neighborhood experienced an 86 percent increase. The Chevy Chase neighborhood followed with a 41 percent increase in the number of units sold.
Median sale price in Washington, D.C., increased by 7 percent overall compared to the same month in 2013, according to May data. The Spring Valley and Wesley Heights neighborhood saw the largest increase at 31 percent. The Southwest and Waterfront neighborhood saw a 20 percent increase. The Chevy Chase neighborhood experienced an 18 percent increase in median sale price.
Active inventory decreased by 13 percent throughout the city in May. The Anacostia and Hillcrest neighborhood saw a 49 percent decrease in active inventory. The Columbia Heights and Mt. Pleasant neighborhood experienced a 32 percent decrease in active inventory, while the Capitol Hill (SE) neighborhood saw a 24 percent decrease.
In May, the District experienced a days on market (DOM) average of 31 days, with the Logan Circle and Dupont neighborhood experiencing a marketing period of just 10 days. The Columbia Heights and Mt. Pleasant neighborhood followed closely behind with a DOM of 19 days, and the Adams Morgan and U Street neighborhood saw a DOM of 22 days.
“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry for future growth.”
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.