Jan 201717

Washington, D.C., Sees Increase in Median Sale Prices in December 2016

Jan 201717

Washington, D.C., Sees Increase in Median Sale Prices in December 2016

Market Minute LogoThe median sale price of properties in Washington, D.C., increased 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 MarketMinute Chart Dec2016

Overall, Washington, D.C., experienced an 11 percent decrease in the number of homes sold in December compared to the previous year. The city experienced an 8 percent increase in median sale price, though many individual neighborhoods outperformed the District as a whole. Active inventory fell by 15 percent compared to the same month last year, and properties continued to sell at a quick pace, with the city seeing a days on market (DOM) average of 29 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in December. For example, the Columbia Heights and Mt. Pleasant neighborhood saw a 35 percent increase in number of units sold and the Capitol Hill (NE) neighborhood experienced an 18 percent increase. Additionally, the Shepherd Park and Petworth neighborhood experienced a 4 percent increase in the number of homes sold.

According to December data, the median sale price in Washington, D.C., rose by 8 percent compared to the same month last year, with several neighborhoods enjoying significant growth. The median sale price in the Foggy Bottom and West End neighborhood rose by 44 percent, and improvements were also made in the Brookland and Woodridge neighborhood, which saw an increase of 35 percent. In the Georgetown neighborhood, the median sale price increased by 27 percent last month.

Active inventory decreased by 15 percent throughout Washington, D.C., in December compared to the prior year, with the Capitol Hill (NE) neighborhood experiencing a decrease of 37 percent. In the Adams Morgan and U Street neighborhood, active inventory fell by 24 percent, followed by the Shepherd Park and Petworth neighborhood where it decreased by 23 percent.

The District as a whole experienced a days on market (DOM) average of 29 days in December. The Penn Quarter and Shaw neighborhood had a DOM average of 18 days, followed by the Chevy Chase DC neighborhood with a DOM average of 21 days. In the Adams Morgan and U Street neighborhood, the DOM average was 24 days.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.