Mar 201621

Washington, D.C., Sees Increase in Median Sale Price in February 2016

Mar 201621

Washington, D.C., Sees Increase in Median Sale Price in February 2016

Market Minute LogoThe median sale price 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.

WashingtonDC MM Feb2016

Overall, Washington, D.C., experienced a 1 percent decrease 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 37 days. Active inventory fell by 8 percent in the city compared to the same month in 2015. The median sale price of homes sold in Washington, D.C., rose by 9 percent 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 February. For example, the Georgetown neighborhood saw a 92 percent jump in number of units sold and the Brookland and Woodridge neighborhood experienced a 55 percent increase. In the Capitol Hill (NE) neighborhood, the number of homes sold increased by 25 percent.

According to February data, the median sale price in Washington, D.C., increased by 9 percent compared to the same month in 2015, and several neighborhoods enjoyed significant growth. Median sale prices in the Cleveland Park and Kalorama neighborhood rose by 85 percent. Improvements were also made in the Spring Valley and Wesley Heights neighborhood, which saw an increase of 45 percent. In the Adams Morgan and U Street neighborhood the median sale price increased by 30 percent last month.

Active inventory decreased by 8 percent throughout the city in February. The Capitol Hill (SE) neighborhood saw a decrease of 43 percent, followed by the Anacostia and Hillcrest neighborhood with a 26 percent decline. The Shepherd Park and Petworth neighborhood saw a decrease of 17 percent.

The District experienced a days on market (DOM) average of 37 days in February. The Cleveland Park and Kalorama neighborhood experienced an average marketing period of 25 days, followed by the Logan Circle and Dupont neighborhood with a DOM of 26 days. The Shepherd Park and Petworth neighborhood had a DOM average of 27 days.

“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the Washington, D.C., region. Though low inventory is having big impacts, we anticipate an upturn in the spring will help alleviate demand.”

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.