The latest Real Estate Business Intelligence (RBI) analysis of the DC metro housing market -- with data through March 2012 -- was released Tuesday, April 10th. The March analysis shows gains in median sale price over last year and in first quarter 2012.
Active housing inventory remains low compared to demand, with only 3.2 months of supply. A supply of 6 months is considered a market evenly balanced between buyers and sellers. The decrease in new listings and increase in new contract activity means that going into the spring season the DC Metro Area is a seller’s market.
Every jurisdiction in the region, with the exception of Prince George’s County, posted an annual increase in median sales price in the first quarter. Condos/co-ops showed the largest increase over March 2011, up 14.1%. Detached homes increased 7.8% and townhomes also saw an increase of 4.2%.
- DC Metro Area median sale price increased 7.8% over March 2011 and 4.8% over the first quarter of 2011.
- Fairfax City had a median sale price increase of 11.1% in first quarter 2012, the largest in the region.
- Arlington had the next highest annual increase, with a Q1-2012 median sale price increase of 10.9% over Q1-2011 level.
- Washington, DC rounded out the top 3 with a median sale price increase of 7.7% in the first quarter.
- new contracts on detached properties in the DC Metro Area were up 8.5% year-over-year
- condo/co-op properties increased 4% over March 2011
- townhome properties were down 3.0% vs. March 2011
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. At RBI you can search sales statistics by your local zip code, county, or region.