Long & FosterReal 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 median sale prices in January. Active inventory fell by 6 percent in the Washington, D.C., area compared to the same month in 2013. January data also shows that in most neighborhoods homes are selling in about six weeks 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 January increased by 2 percent year-over-year. The Southwest and Waterfront neighborhood saw a whopping 138 percent increase in number of units sold and the Columbia Heights and Mt. Pleasant neighborhood experienced a large 55 percent increase. The Spring Valley and Wesley Heights neighborhood followed with a 30 percent increase in the number of units sold.
Median sale prices in Washington, D.C., increased by 12 percent overall compared to January 2013. The Cleveland Park and Kalorama neighborhood saw the largest increase at 61 percent. The Spring Valley and Wesley Heights neighborhood saw a 58 percent increase, and the Columbia Heights and Mt. Pleasant neighborhood experienced a 31 percent increase in median sale price.
Active inventory decreased by 6 percent throughout the city in January. The Anacostia and Hillcrest neighborhood saw a 34 percent decrease in active inventory, the Capitol Hill (SE) neighborhood saw a 30 percent decrease, and the Foggy Bottom and West End neighborhood saw a 26 percent decrease. The Cleveland Park and Kalorama neighborhood saw a 22 percent decrease in active inventory.
In January, the District experienced a days on market (DOM) average of 46 days, with the Capitol Hill (NE) neighborhood experiencing the shortest marketing period at just 19 days on market. The Foggy Bottom and West End neighborhood followed closely behind with an average DOM of 24 days. The Brookland and Woodridge neighborhood saw an average DOM of 28 days. The Penn Quarter and Shaw neighborhood saw a days on market average of 37 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold dropped in some areas, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring market.”
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.