Mar 201431

Washington, D.C., Residential Housing Market Sees Increased Sale Prices in February 2014

Mar 201431

Washington, D.C., Residential Housing Market Sees Increased Sale Prices in February 2014

Market Minute LogoLong & 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 median sale price in February. Active inventory fell by 14 percent in the Washington, D.C., area compared to the same month in 2013. February 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.

Feb. 2014 Market Minute Chart

As a whole, the number of homes sold in the District in February increased by 2 percent year-over-year. The Columbia Heights and Mt. Pleasant neighborhood saw a large 76 percent increase in number of units sold and the Cleveland Park and Kalorama neighborhood experienced a 56 percent increase. The Southwest and Waterfront neighborhood followed with a 31 percent increase in the number of units sold.

Median sale price in Washington, D.C., increased by 8 percent overall compared to the same month in 2013 according to February data. The Spring Valley and Wesley Heights neighborhood saw the largest increase at 53 percent. The Logan Circle and Dupont neighborhood saw a 48 percent increase, and the Georgetown neighborhood experienced a 39 percent increase in median sale price.

Active inventory decreased by 14 percent throughout the city in February. The Anacostia and Hillcrest neighborhood saw a 44 percent decrease in active inventory, the Foggy Bottom and West End neighborhood saw a 35 percent decrease, and the Georgetown neighborhood saw a 33 percent decrease. The Southwest and Waterfront neighborhood saw a 28 percent decrease in active inventory.

In February, the District experienced a days on market (DOM) average of 41 days, with the Columbia Heights and Mt. Pleasant neighborhood experiencing the shortest marketing period at just 13 days on market. The Southwest and Waterfront neighborhood followed closely behind with an average DOM of 16 days. The Logan Circle and Dupont neighborhood saw an average DOM of 20 days. The Chevy Chase neighborhood saw a days on market average of 29 days.

“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant 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.