Apr 201628

Washington, D.C., Sees Increase in Number of Homes Sold in March 2016

Apr 201628

Washington, D.C., Sees Increase in Number of Homes Sold in March 2016

Market Minute LogoThe number of homes sold 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.

DC MMMarch2016 chart

Overall, Washington, D.C., experienced an 8 percent increase 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 36 days. Active inventory fell by 1 percent in the city compared to the same month in 2015. The median sale price of homes sold in Washington, D.C., rose by 1 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 March. For example, the Chevy Chase neighborhood saw a 42 percent jump in number of units sold and the Georgetown neighborhood experienced a 31 percent increase. In the Capitol Hill (NE) neighborhood, the number of homes sold increased by 28 percent.

According to March data, the median sale price in Washington, D.C., increased by 1 percent compared to the same month in 2015, and several neighborhoods enjoyed significant growth. Median sale prices in the Spring Valley and Wesley Heights neighborhood rose by 30 percent. Improvements were also made in the Anacostia and Hillcrest neighborhood, which saw an increase of 25 percent. In the Southwest and Waterfront neighborhood the median sale price increased by 23 percent last month.

Active inventory decreased by 1 percent throughout the city in March. The Chevy Chase neighborhood saw a decrease of 27 percent, followed by the Brookland and Woodridge neighborhood with a 25 percent decline. The Anacostia and Hillcrest neighborhood saw a decrease of 21 percent.

The District experienced a days on market (DOM) average of 36 days in March. The Chevy Chase neighborhood experienced an average marketing period of 18 days, followed by the Columbia Heights and Mt. Pleasant neighborhood with a DOM of 20 days. The Southwest and Waterfront neighborhood had a DOM average of 24 days.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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.