The number of homes sold increased in the Washington, D.C., real estate market last month, according to The Long & Foster Market Minute reports. Long & 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. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Overall, Washington, D.C., experienced a 3 percent increase in the number of homes sold year-over-year, and properties continue to sell at a steady pace, with the city seeing a days on market (DOM) average of 34 days. Active inventory fell by 13 percent in the city compared to the same month in 2014. The median sale price of homes sold in Washington, D.C., did not change when compared to the previous year, though many individual neighborhoods in the city continued to outperform the District as a whole.
Across the city, a number of individual neighborhoods experienced increases in the number of homes sold in December. For example, the Chevy Chase neighborhood saw a 77 percent jump in number of units sold and the Anacostia and Hillcrest neighborhood experienced a 52 percent increase. In the Foggy Bottom and West End neighborhood, the number of homes sold increased by 39 percent.
According to December data, the median sale price in Washington, D.C., remained steady compared to the same month in 2014, but several neighborhoods enjoyed growth. Median sale prices in the Logan Circle and Dupont neighborhood rose by 40 percent. Improvements were also made in the Anacostia and Hillcrest neighborhood, which saw an increase of 11 percent. In both the Columbia Heights and Mt. Pleasant neighborhood and the Southwest and Waterfront neighborhood, median sale price increased by 10 percent.
Active inventory decreased by 13 percent throughout the city in December. The Brookland and Woodridge neighborhood saw a decrease of 39 percent, followed by the Capitol Hill (SE) neighborhood with a 37 percent decline. The Anacostia and Hillcrest neighborhood saw a decrease of 32 percent.
The District experienced a days on market (DOM) average of 34 days in December. The Southwest and Waterfront neighborhood experienced an average marketing period of just 16 days, followed by the Capitol Hill (NE) neighborhood with a DOM of 18 days, and the Columbia Heights and Mt. Pleasant neighborhood with a DOM average of 22 days.
“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in areas of the Washington, D.C., region where we saw increased home sales and low days on market. We look forward to what the 2016 market brings us.”
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 you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.