As a whole, the number of homes sold in the District in March increased by 6 percent year-over-year. The Anacostia and Hillcrest neighborhood saw a 56 percent increase in the number of homes sold. The Chevy Chase, and Columbia Heights and Mt. Pleasant neighborhoods saw a significant increase of 50 percent of homes sold, while the Foggy Bottom and West End, and Logan Circle and DuPont neighborhoods experienced an increase of 29 percent and 24 percent, respectively, in homes sold in March.

Median sale price in Washington, D.C., increased 16 percent overall compared to the same month in 2012, according to the March data. The Shepard Park and Petworth, and Capitol Hill (SE) areas saw significant 48 percent and 32 percent increases in median sale price, respectively. Capitol Hill (NE), and Columbia Heights and Mt. Pleasant neighborhoods saw year-over-year increases in median sale price of 24 percent and 22 percent, respectively. The Spring Valley and Wesley Heights, and Penn Quarter and Shaw neighborhoods also saw increase of 17 percent and 15 percent, respectively.

Inventory decreased by 47 percent throughout the city in March. The Columbia Heights and Mt. Pleasant neighborhood saw a 71 percent decline, while Capitol Hill (SE), and Logan Circle and DuPont neighborhoods saw active inventory decreases of 64 percent and 58 percent, respectively, when compared to year-ago levels. Other areas that saw significant declines were Shepherd Park and Petworth, and Capitol Hill (NE), both with a 54 percent decline, and the Adams Morgan and U Street neighborhood with a decrease of 52 percent.

In March, the District experienced a days on market (DOM) average of 46 days, with the areas of Penn Quarter and Shaw, and Columbia Heights and Mt. Pleasant areas experiencing the shortest marketing periods of 16 days and 22 days, respectively. Several areas in the city are receiving more than the list price for their homes, with the Columbia Heights and Mt. Pleasant neighborhood receiving 101.9 percent of the listing price.

“Spring is finally here, along with an uptick in activity in the residential real estate market in the Washington, DC region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“While inventory remains low, limiting the number of options for would-be buyers, the Washington, DC market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Washington, DC region’s local housing market, and provide a prime opportunity for fence-sitters to fulfill their dreams of homeownership.”

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.

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