This week the Greater Capital Area Association of Realtors (GCAAR) released its April 2012 housing statistics for Washington, DC and Montgomery County. Compared with the March report, single-family home sales and contracts have dropped, condos and coop sales and contracts have increased.
The number of active listings remains low. Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in prices and shorter days on market.
GCAAR's methodology shows the following housing market changes comparing April 2011 to April 2012:
- sales decreased 5.5% compared to April 2011
- inventory is down 27.3%
- pending home sales, or contracts, are down 2.5%
Condos & Coops:
- sales increased 11.5% over April 2011
- inventory is down 31.1%
- pending home sales, or contracts, are up 19.9%
- sales decreased 1.4% compared to April 2011
- inventory is down 15.1%
- pending home sales, or contracts, increased 8.5%
- sales decreased 2.8% compared to April 2011
- inventory has dropped 30.1%
- pending home sales, or contracts, are up 3.6%
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.