Sunday, April 29, 2012

Weekly Newsletter: April 22-28, 2012


Check out my latest DC area real estate newsletter for the week of April 22-28, 2012. This week's reports include:

  • bidding wars and buyer competition increase
  • low-ball offers decline in DC and across the country
  • housing inventory drops leading to higher prices
  • pending home sales rise 12.8% from March 2011
  • credit availability to low-scoring applicants declines
  • 30-year fixed-rate mortgage has been below 4% all but one week in 2012
  • new mixed-use projects throughout the metro area

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

  • market statistics
  • sales figures
  • new developments and projects
  • buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Saturday, April 28, 2012

Contracts Up 12.8% Nationwide Over March 2011

The latest Pending Home Sales Index of the National Association of Realtors -- with data through March 2012 -- was released April 26. The Index tracks the number of properties under contract nationwide and by region.

 Nationwide:
  • Annual: contracts jumped 12.8% above March 2011
  • Month: contracts increased 4.1% from February to March

Region:
  • Northeast - contracts rose 21.1% above March 2011
  • Midwest - 16.9% higher
  • South - 10.6% above last year
  • West - 9.0% higher than a year ago

The Pending Home Sales Index has reported a steady increase in contracts activity over the last two months.

  • February 2012 - contracts jumped 9.2% over February 2011
  • January 2012 - rose 8% over January 2011

The increase in contracts activity as the spring market gets underway indicates buyers are becoming more motivated as mortgage rates drop and sectors of the economy slowly show signs of improvement.

Contact me for more information on the contracts process and on pending home sales in the Washington area. I'm always available for your questions and happy to consult with you on your real estate needs.


DC, MD, & VA Open Houses This Weekend


In the hyperlinks below I've attached all open houses scheduled this weekend in DC, Arlington, Alexandria, and the close-in Montgomery County suburbs.

  • All results are sorted in order of list price for easy reference.
  • Globe and camera icons next to individual listings show locations & photos.
  • All property types are included: single-family homes, condos/coops, townhouses, semi-detached homes, etc.

Washington, DC

Arlington

Alexandria

Montgomery County
Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring, Takoma Park


Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.



H Street Open Houses This Weekend


In the hyperlinks below I've attached open houses scheduled in and around H Street this weekend.

  • All results are sorted in order of list price for easy reference.
  • Globe and camera icons next to individual listings show locations & photos.
  • All property types are included: single-family homes, condos/coops, townhouses, semi-detached homes, etc.

H Street:

Bloomingdale,Truxton Circle, and Eckington:

Need more? I've compiled a complete list of all metro area open houses this weekend should your search parameters encompass other areas.

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Thursday, April 26, 2012

Fixed Mortgage Rates Hold Near Record Lows

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, April 26th showing average fixed mortgage rates down slightly, hovering just above record lows.  The 30-year fixed-rate mortgage has been below 4% all but one week in 2012.

  • 30-Year fixed rate mortgage averaged 3.88%, up from 3.90% last week, down from 4.78% one year ago
  • 15-Year fixed rate mortgage averaged 3.12%, up from 3.13% last week, down from 3.97% one year ago

Freddie Mac's April 2012 U.S. Economic And Housing Market Outlook -- released April 25th -- shows recent employment and housing data may be more noise than a break in momentum due to the unseasonably warm winter.  Frank Nothaft, Freddie Mac's vice president and chief economist: "Relatively small sample sizes during winter months and unusually mild or severe weather add 'noise' to seasonally adjusted, annual rate estimates for housing starts and permits. Since 1959, one-family starts have moved 9 percent on average between successive winter months but only 4 percent month-to-month during the summer."

Mortgage calculators to compare payments and equity:


Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.


Wednesday, April 25, 2012

Mortgage Bankers Association’s Weekly Survey


Mortgage applications nationwide decreased 3.8% for the week ending April 13, 2012, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

  • The Purchase Index increased 2.7%
  • The Refinance Index decreased 5.6%.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.


Tuesday, April 24, 2012

Standard & Poor's/Case-Shiller Home Price Indices - February 2012


The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through February 2012 -- was released April 24.  S&P methodology shows the Washington region's housing market continues to perform above other markets nationwide.

Accurate local statistics for specific neighborhoods in Washington, DC and surrounding inner ring suburbs can be found at Real Estate Business Intelligence. As the research component of MRIS, the local multiple listing service, RBI provides the most recent and accurate housing market statistics to the public based on actual sales recorded in MRIS. At RBI you can search sales statistics by zip code, county, or region.


Washington Metropolitan Statistical Area (MSA)
DC, Maryland, Virginia, West Virginia
  • Standard & Poor's reports in the Washington region home prices rose 0.1% on a seasonally adjusted basis from January to February.
  • Last month's Home Price Index showed that month-over-month Washington DC was one of only three cities that recorded positive gains -- up 0.7% in January 2012 over December.

Nationwide
  • Annual price declines of 3.6% and 3.5% were recorded for the 10- and 20-City Composites, respectively. This is an improvement over the annual rates posted for the month of January, -4.1% and -3.9%, respectively.
  • As of February 2012, average home prices across the United States are back to the levels where they were in late 2002 for the 20-City Composite and to early 2003 levels for the 10-City Composite.


According to the S&P/Case-Shiller 2011 Year in Review  -- released March 16th -- single-family home prices in Washington, DC increased 8.4% from market bottom in 2009 and are about 80% above their 2000 levels.

When reviewing the S&P/Case-Shiller data keep in mind:

  • Property Status - The S&P/Case-Shiller Home Price Indices include statistics for distressed properties (i.e. foreclosures, short sales), skewing home prices lower.
  • Report Date - These numbers are for February 2012.  The S&P/Case-Shiller Home Price Indices are published on a two month lag to offset delays in sales price data from county deed recorders.
  • Property Type - The index reports single-family/detached home prices only; condo and co-op sales statistics are not included in the analysis.

Washington Metropolitan Statistical Area Defined

S&P methodology defines the Washington metropolitan area as a large region including parts of three states and the District of Columbia:
  • Washington, DC
  • Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges Counties
  • Virginia - Alexandria City, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City; Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren Counties
  • West Virginia - Jefferson County



Monday, April 23, 2012

MSN Money: DC Area Holds 10 of the Nation's 15 Richest Counties


A new MSN Money report reveals 10 of the 15 richest counties nationwide are in the Washington, DC region.  The most recent Census Bureau data, from 2010, shows Maryland and Virginia counties with the highest median household incomes nationwide.  Three local counties exceed the $100,000 mark.

Nationwide, U.S. median household income declined 2.3% from 2009 to 2010.  Still, all local DC area counties on the list have a median income that is near or over twice the national average of $49,445.

No. 1:    Loudoun County, Va. - $119,540
No. 2:    Fairfax County, Va. - $103,010
No. 3:    Howard County, Md. - $101,771
No. 5:    Arlington County, Va. - $94,986

No. 7:    Stafford County, Va. - $94,317
No. 9:    Prince William County, Va. - $92,655
No. 12:  Montgomery County, Md. - $89,155
No. 13:  Calvert County, Md. - $88,862
No. 14:  St. Mary's County, Md. - $88,444
No. 15:  Charles County, Md. - $87,007





Sunday, April 22, 2012

Real Estate News This Week: April 15-21, 2012


Check out my latest DC area real estate newsletter for the week of April 15-21, 2012. This week's reports include:

  • DC seller's asking prices jump 17% over March 2011
  • Washington area holds 10 of the nation's 15 richest counties
  • existing home sales rise 5.2% nationwide
  • mortgage applications increase 6.9%
  • low inventory and higher sales make DC a seller's market
  • new mixed-use projects throughout the metro area

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

  • market statistics
  • sales figures
  • new developments and projects
  • buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Saturday, April 21, 2012

New Construction: Housing Starts Up 10.3% Over March 2011


Building permits, housing starts, and housing completions have all risen over last year.  The latest monthly joint report for new residential construction from the U.S. Census Bureau and the Department of Housing and Urban Development -- containing data through March 2012 -- was released Tuesday, April 17.  The report shows the new housing market continuing to gain traction, as shown in last month's report.

Below is a summary of the latest figures:

Building Permits
  • up 30.1% over March 2011
  • up 4.5%% over February 2012

Housing Starts
  • up 10.3% over March 2011
  • down 5.8% from February 2012

Housing Completions
  • 0.5% above March 2011
  • 4.2% above February 2012

Economic indicators for new residential construction and sales, manufacturing, retail, U.S. international trade, construction spending, and homeownership are released every month by the U.S. Census and Department of Housing and Urban Development.  The next report is due May 16, 2012.


DC, Maryland, and Virginia Open Houses



In the hyperlinks below I've attached all open houses scheduled this weekend in DC, Arlington, Alexandria, and the close-in Montgomery County suburbs.

  • All results are sorted in order of list price for easy reference.
  • Globe and camera icons next to individual listings provide locations and photos.

Washington, DC
 
Arlington
 
Alexandria
 
Montgomery County: Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring
 
Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.
 
 
 

H Street Open Houses This Weekend


In the hyperlinks below I've attached open houses scheduled in and around H Street this weekend.

  • All results are sorted in order of list price for easy reference.
  • Globe and camera icons next to individual listings provide locations and photos.

H Street:

Bloomingdale,Truxton Circle, and Eckington:

Need more?  I've also compiled a complete list of all metro area open houses should your search parameters encompass other areas.

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Friday, April 20, 2012

Mortgage Bankers Association’s Weekly Survey


Mortgage applications increased 6.9% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 13, 2012.

  • Refinancing increased 13.5%
  • The purchase index decreased 11.2% from a week earlier and was 13.9% lower than the same week last year.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry.  Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's Web site:  www.mortgagebankers.org.



Thursday, April 19, 2012

Freddie Mac Primary Mortgage Market Survey

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, April 19th showing average fixed mortgage rates holding relatively stable this week.

  • 30-Year fixed rate mortgage averaged 3.90%, up from 3.88% last week, down from 4.80% one year ago
  • 15-Year fixed rate mortgage averaged 3.13%, up from 3.11% last week, down from 4.02% one year ago

Mortgage calculators to compare payments and equity:


Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.


Wisconsin Avenue Giant Closes Parking Lot April 23rd


The former Giant Food parking lot will close April 23rd for developers to begin a "lead and rat abatement program" in advance of construction for Cathedral Commons, the new $125 million mixed use project at Wisconsin Avenue and Newark Streets, NW.  The Giant Food store itself closed April 12th.

Cathedral Commons will encompass two blocks featuring:

  • a new 56,000 square foot Giant grocery store
  • 8 townhomes
  • 137 apartments
  • 500+ parking spaces
  • nearly 70,000 square feet of other shops and restaurants

Bozzuto Group and Giant Food, development partners for the project, hope to begin construction during spring 2012 with a tentative opening date for the new supermarket scheduled in late 2013.  Giant Food has created a website with more information on the plan, design, construction, and timeline.



Sunday, April 15, 2012

“The heyday of exurbs may well be behind us,”
Yale economist Robert J. Shiller.



Robert Shiller, co-creator of the Standard & Poor's Home Price Index, is perhaps best known for identifying the risks of a U.S. housing bubble before it actually burst in 2006.


An End to America's Exurbia? For First Time Urban Growth Outpaces Outer Suburbs
The Washington Post
Thursday, April 5, 2012


"The heyday of exurbs may well be behind us," Yale University economist Robert Shiller said. Shiller, co-creator of the Standard & Poor's Home Price Index, is perhaps best known for identifying the risks of a U.S. housing bubble before it actually burst in 2006.

Across the nation residential exurbs that sprouted on the edge of metropolitan areas are seeing their growth fizzle, according to new 2011 U.S. Census estimates. Gas prices discourage long commutes. Young singles prefer city apartments. Two years after the recession technically ended, and despite some signs of economic recovery, there's a reversal of urbanites' decades-long exodus to roomy homes in distant towns.


Census Breaks the News We Already Knew: The Exurbs Are History
DC Streets Blog
Monday, April 9, 2012


The New York Times and USA Today report Census numbers confirm the death of outer ring suburbs, or exurbs. The latest numbers, show a major shift away from settlement patterns of 2000-2010.  Census data show stalled growth in distant suburbs that developed at breakneck pace during the housing boom, fueled by overzealous marketing and easy mortgages.


Why Young Americans Are Driving Less Than Their Parents
Atlantic Cities
Tuesday, April 10, 2012


Smaller houses, shorter commutes, fewer cars.  That is what younger people prefer today.  Recent research shows 62% of people between the ages of 18 and 29 prefer communities with a mix of single family homes, condos and apartments, nearby retail shops, restaurants, cafes and bars, as well as workplaces, libraries, and schools served by public transportation.


Off the Road: 8 Reasons Why We’re Driving Less
Time Magazine
Friday, April 13, 2012


As car sales and prices increase Americans are driving less.  Why?  Gas prices, traffic, the shift to urban living, and public transportation.  Sprawl has stalled as populations have grown fastest in and around cities.  A significant number of consumers have already changed their behavior due to rising gas prices.  It’s in or near the big cities that rentals and jobs are easiest to find, and where the cost of living—and need to fill up the car—remains lower.


The True Cost of Unwalkable Streets: Your Health
Atlantic Cities
Wednesday, March 28, 2012

The link between diabetes & urban planning? Engineering walking & bicycling out of our communities.  As obesity and diabetes rates rise developers, urban planners, and experts on environmental health take note.  In America today we have designed communities where getting around by foot or bicycle the most dangerous and least attractive option.


Car-centric Neighborhoods Linked to Childhood Obesity, Finger-Wagging
Grist
Wednesday, April 11, 2012

It should come as no surprise that children who live in neighborhoods that aren’t walkable, lack playgrounds, and are full of fast food joints are twice as likely to be obese as kids in pedestrian-friendly neighborhoods with access to healthy foods.

A new study, published in the American Journal of Preventive Medicine, compared neighborhoods in Seattle and San Diego. Conclusion: Kids are slimmer in areas where they can walk around, play outside, and eat stuff that doesn’t come from a drive-thru.



U.S. Urban Population Is Up...But What Does 'Urban' Really Mean?
Atlantic Cities
Monday, March 26, 2012

According to new numbers just released from the U.S. Census Bureau, America has grown more urban. But we're not just talking about cities here. The new figures represent the population in "urban areas," which the Census Bureau defines as "densely developed residential, commercial and other nonresidential areas."



Smaller Homes Urban Lifestyles Attract Buyers
Housing Wire
Wednesday, March 21, 2012

According to a new report by the Urban Land Institute, smaller homes closer to urban areas may be the next wave of new construction, as post-bubble buyers seek smaller mortgage payments and shortened commutes.



How Sprawl Jacks Up the Cost of Affordable Housing
Grist
Tuesday, February 28, 2012


A new study by the nonprofit Center for Neighborhood Technology (CNT) shows housing built far from public transit, schools, and jobs can deplete income as residents drive long distances, using more gas at greater expense. Some state governments have begun funding projects built close to public transit with amenities and infrastructure -- like grocery stores, schools, and jobs -- nearby.  This way residents don't have to travel long distances to meet basic needs.


The Hidden Tax on Exurban Living
Next American City
Tuesday, February 22, 2012

Are transportation costs equal to or greater than property taxes? How can these considerations impact the activity of home buyers? A comparison between a close-in suburb and a farther out exurb in the Cleveland, OH area show interesting results.  The anticipated savings in property taxes is eclipsed by the substantial increase in transportation costs -- including car payment, insurance, gas, maintenance and depreciation. The results indicate a possbility of commensurate shift in buyer preferences and housing development patterns.



Real Estate News This Week

Check out my latest DC area real estate newsletter for the week of April 8-14, 2012. This week's reports include:

  • DC metro area home prices jump 7.8% over March 2011
  • low inventory and higher sales make DC a seller's market
  • trending: smaller houses, shorter commutes, fewer cars
  • DC condo sales and prices increase as inventory drops
  • new mixed-use projects throughout the metro area

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

  • market statistics
  • sales figures
  • new developments and projects
  • buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Saturday, April 14, 2012

Metro Area Open Houses

In the hyperlinks below I've attached all open houses scheduled this weekend in DC, Arlington, Alexandria, and the close-in Montgomery County suburbs. All results are sorted in order of list price for easy reference.  Click the globe and camera icons  next to each listing for locations and photos.


Washington, DC

Arlington


Alexandria


Montogomery County: Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring



Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


H Street Open Houses This Weekend

In the hyperlinks below I've attached open houses in and around H Street this weekend.  Once you've opened the links click the globe and camera icons next to each listing for locations and photos.

H Street:


Bloomingdale,Truxton Circle, and Eckington:


Need more?  A complete list of all metro area open houses can be found here.

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Friday, April 13, 2012

Sold in 4 days, $75,000 Over List Price

1420 N 1

4 Days, 11 Offers, $75,000 Over List Price

I'm happy to announce my Logan Circle condo listing sold over list price and after 4 days on market. We recieved a total of eleven excellent offers, all of them strong on price and terms.

  • List Price: $225,000
  • Close Price: $299,900
  • List Date: Friday, March 9, 2012
  • Contract Date: Tuesday, March 13th
  • Close Date: Thursday, April 12th
  • Days on Market: 4

The property was a full gut renovation, which I designed and supervised myself, with entirely new fixtures, finishes, and floors throughout.

  • Address: 1420 N Street, NW #207
  • Layout: One-bedroom
  • Size: 502 square feet
  • Condo Fee: $416.16

Contact me for more information on property renovation, our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.










Thursday, April 12, 2012

Freddie Mac Primary Mortgage Market Survey

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, April 12th showing average fixed mortgage rates declining for the third consecutive week. The 30-year fixed averaged just above its record low while the 15-year fixed averaged a new all-time record low of 3.11% breaking its previous low of 3.13% on March 8, 2012.

  • 30-Year fixed rate mortgage averaged 3.88%, down from 3.98% last week and 4.91% one year ago
  • 15-Year fixed rate mortgage averaged 3.11%, down from 3.21% last week 4.13% one year ago

Mortgage calculators to compare payments and equity:


Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.


RealtyTrac Local Foreclosure Rates



Ever wonder about the local foreclosure market?  RealtyTrac reports 1 in every 662 housing units nationwide received a foreclosure filing in March 2012.  The local housing market tells a very different story.

Washington, DC

The District's foreclosure rate is remarkably low -- 1 in every 24,727 -- compared to the rest of the country.

Maryland

The Maryland foreclosure rate, like DC, remains low compared to the rest of the nation.  The state shows an average rate of 1 in every 1,539 housing units with a foreclosure filing in March 2012.  The Washington metropolitan areas of Maryland are also reporting rates lower than the national average.  The highest Maryland foreclosure rate in the metro area is Prince Georges County: 1 in every 666.

  • Montgomery County: 1 in every 3,736
  • Bethesda: 1 in every 17,395
  • Potomac: 1 in every 5,754
  • Rockville: 1 in every 3,873
  • Silver Spring: 1 in every 3,318

Virginia

As with DC and Maryland, Virginia's foreclosure rate is also low compared to the rest of the nation.  One in every 1,315 Virginia housing units received a foreclosure filing in March 2012.  The strongest metro areas in the state are Alexandria and Arlington.

  • Alexandria: 1 in every 3,446
  • Arlington: 1 in every 5,270
  • Fairfax County: 1 in every 1,575


Founded in 1996, RealtyTrac® is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. The company’s mission is to make it easier for consumers, investors and real estate professionals to locate, evaluate, buy and sell properties. RealtyTrac is the only major real estate website to feature foreclosure, auction, bank-owned, for-sale-by-owner, and resale properties.





Wednesday, April 11, 2012

CoreLogic Market Pulse Report


The CoreLogic Market Pulse Report -- with data through February 2012 -- was released Wednesday, April 11th.  The February report shows Washington area home prices rising over last year in both the city and greater metro area.

Home sales increased 11.5% nationwide over February 2011.  Housing affordability is at levels not seen since before the early 90s -- almost twice the level it was in April 2006, which was the least affordable point in two decades.  Home prices are forecasted to drop 1.5-2% through March, then increase by mid-summer making up for losses earlier in the year.

The CoreLogic methodology shows the following changes in the Washington area housing market between February 2011 and February 2012:


Washington, DC

  • sales up 41.6% over February 2011
  • prices up 1.6% over last year
  • distressed sales comprise only 8.7% of the DC market


Core Based Statistical Area (CBSA)
Washington-Arlington-Alexandria, DC-VA-MD-WV


  • sales up 9.6% over February 2011
  • prices up 0.2%
  • distressed sales comprise 26.9% of the metro market


CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations.


GCAAR Housing Statistics - March 2012


This week the Greater Capital Area Association of Realtors (GCAAR) released its March 2012 housing statistics for Washington, DC.  Compared with the February report, single-family homes sales have dropped while contracts have increased.  Condos and coops have experienced an increase in both contracts and closed sales.

The number of active listings remains low. Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in contracts, prices and shorter days on market.

GCAAR's methodology shows the following housing market changes between March 2011 and March 2012:

Single-Family Homes:
  • sales have decreased 3.5% over March 2011
  • inventory is down 29.1%
  • contracts are down 2.1%

  • sales have increased 7.4% over March 2011
  • inventory down nearly 27.9%
  • contracts are up 18.8%

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.


Tuesday, April 10, 2012

H Street Zip 20002 -- Home Prices Up 3.9%


March 2012 housing market statistics for DC zip code 20002 -- which includes H Street, Capitol Hill North, NoMa, Eckington, and Trinidad -- were released Tuesday, April 10th.  March shows higher sale prices and shorter days-on-market over last year, repeating a trend also seen in February.  The average property is now selling at 95.32% of original list price, an increase of .03% over March 2011.

  • Average Sold Price: up 3.9% over last year
  • Inventory: dropped 31.58%
  • Days-on-Market: dropped 22.97%

Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in prices and shorter days on market.  Clearly, homes in 20002 are now selling faster and at higher prices than March 2011.

March 2012 Statistics: 20002
Statistic Values Year Over Year Month Over Month
Total Sold Dollar Volume $24,040,793 -18.05% 40.77%
Closed Sales 56 -21.13% 35.59%
Median Sold Price $383,750 1% 2.85%
Average Sold Price $429,300 3.90% 3.07%
Avg Days-on-Market 57 days -22.97% 21.28%
Avg Sold to Orig List Ratio 95.32% 0.03% -0.26%


The detailed report for zip 20002 shows the highest sales activity for three-bedroom
townhouses.  In March 2012 there were 23 sales of 3BR attached homes which sold for an average price of $460,809. 

Real Estate Business Intelligence (RBI) is the research component of local multiple listing service MRIS.  RBI provides the most recent and accurate housing market statistics to the public based on actual sales recorded in MRIS.  Monthly housing market statistics for every zip code, county, or region in the Washington metro area can be searched at RBI.  Just enter your zip code or select your county and search. 

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.