Long & Foster Market Minute® reports show low inventory for the month

CHANTILLY, Va., March 18, 2013– 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 increase in the number of homes sold and in median sale price in February. Active inventory fell by 43 percent in the Washington, D.C., area compared to the same month in 2012. February data also shows that many homes continue to sell in less than two months, 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 February increased by 13 percent year-over-year. The Foggy Bottom and West End neighborhood saw an incredible 150 percent increase in the number of homes sold. The Southwest and Waterfront, and Adams Morgan and U Street neighborhoods saw a significant increase of 71 percent and 70 percent in the number of homes sold, respectively, while the Brookland and Woodridge, and Shepherd Park and Petworth neighborhoods experienced an increase of 27 percent and 15 percent, respectively, in homes sold in February.

Median sale price in Washington, D.C., increased 11 percent overall compared to the same month in 2012, according to the February data. The Brookland and Woodridge, and Anacostia and Hillcrest areas saw significant 45 percent and 38 percent increases in median sale price, respectively. Shepherd Park and Petworth, and Columbia Heights and Mt. Pleasant neighborhoods saw year-over-year increases in median sale price of 32 percent and 22 percent, respectively, while the Capitol Hill (NE) and Capitol Hill (SE) neighborhoods also saw increase of 19 percent and 16 percent, respectively.

In February, inventory decreased by 43 percent throughout the city. The Penn Quarter and Shaw neighborhood saw a 58 percent decline, while Shepherd Park and Petworth and Chevy Chase neighborhoods saw active inventory decreases of 53 percent and 50 percent, respectively, when compared to year-ago levels. Other areas that saw significant declines were Capitol Hill (NE) and Anacostia and Hillcrest, both with a 49 percent decline, and the Columbia Heights and Mt. Pleasant neighborhood with a decrease of 48 percent.

In February, the District experienced a days on market (DOM) average of 47 days, with the areas of Chevy Chase and Capitol Hill (NE) areas experiencing the shortest marketing periods of 12 days and 30 days, respectively. Several areas in the city are receiving more than the list price for their homes, with Logan Circle and Dupont neighborhood receiving 101.3 percent of their listing price.

“As we gear up for the 2013 spring buying season, the local real estate market in the Washington, D.C., region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a D.C.-area residential real estate market that is in full recovery mode.”

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 neighborhood-level Long & Foster Market Minute® reports are available for the following 15 areas in the District of Columbia: Adams Morgan/U Street, Anacostia/Hillcrest, Brookland/Woodridge, Capitol Hill Northeast, Capitol Hill Southeast, Chevy Chase, Cleveland Park/Kalorama, Columbia Heights/Mt. Pleasant, Foggy Bottom/West End, Georgetown, Logan Circle/Dupont, Penn Quarter/Shaw, Shepherd Park/Petworth, Southwest/Waterfront, and Spring Valley/Wesley Heights.