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:
- 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.