Inventory remains low throughout the nation’s capital

Real estate activity picked up slightly in Washington, D.C., 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.

Overall, Washington, D.C., experienced a 4 percent increase in the number of homes sold year-over-year, and properties continue to sell at a rapid pace, with the city seeing a days on market (DOM) average of 32 days. Active inventory fell by 17 percent in the city compared to the same month in 2013, although the median sale prices remained unchanged year-over-year. Many individual neighborhoods in the city, however, continued to outperform the District as a whole.

Across the city, many individual neighborhoods experienced significant increases in the number of homes sold in November. For example, the Southwest and Waterfront neighborhood saw an 88 percent jump in number of units sold and the Foggy Bottom and West End neighborhood experienced a 26 percent increase. The Anacostia and Hillcrest neighborhood followed with a 24 percent uptick in the number of units sold.

According to November data, the median sale price in Washington, D.C., saw no change compared to the same month in 2013, but several neighborhoods enjoyed significant increases. Median sale prices in the Anacostia and Hillcrest neighborhood rose by 43 percent—the largest growth across the city. Improvements were also made in the Logan Circle and Dupont and Brookland and Woodridge neighborhoods, which saw jumps of 18 percent and 17 percent, respectively.

Active inventory decreased by 17 percent throughout the city in November. The Columbia Heights and Mt. Pleasant neighborhood had a 36 percent drop in active inventory, and the Brookland and Woodridge neighborhood saw a 31 percent decrease. The Penn Quarter and Shaw neighborhood experienced a 28 percent decline.

In November, the District experienced a days on market (DOM) average of 32 days. The Columbia Heights and Mt. Pleasant neighborhood experienced an average marketing period of 17 days, followed by the Adams Morgan and U Street neighborhood with a DOM of 21 days. The Shepherd Park and Petworth neighborhood saw a DOM average of 23 days.

“Throughout the Mid-Atlantic and Northeast regions, including in Washington, D.C., we’ve seen many positive trends in real estate, from increased activity to speedy sales,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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.