The Greater Capital Area Association of Realtors (GCAAR) released its monthly Home Sales Statistics -- with data for May 2012 -- on June 5. Sales and contracts have increased for condos and coops in both Washington and Montgomery County.
The GCAAR methodology includes sales as of the last day of the previous month and no later, in this case May 31. Properties that sold but were not yet recorded in the MRIS database are not reflected in the data set. As a result these statistics may be incomplete or have the potential to reflect a degree of inaccuracy.
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.
- sales decreased 4.8% compared to May 2011
- inventory is down 34.7%
- pending home sales, or contracts, rose 0.2% from one year ago
Condos & Coops:
- sales increased 10.3% over May 2011
- inventory is down 33.1%
- pending sales, or contracts, are up 16.7%
- sales increased 4.1% compared to April 2011
- inventory is down 18.7%
- pending home sales, or contracts, increased 6.3%
- sales increased 1.4% compared to April 2011
- inventory has dropped 38.0%
- pending sales, or contracts, are up 6.1%
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.