Three-bedroom homes in the H Street corridor are now selling much faster and for substantially higher prices than April 2011. In fact sellers are now getting at or above their asking prices from buyers: the average three-bedroom home closed for 103.10% of list price.
The general area surrounding the H Street corridor also shows improvement over last year. Real Estate Business Intelligence (RBI) reports sales increases for the entire zip code 20002:
- Median Sold Price: up 18.9% over April 2011
- Total Sales: up 14.55%
- Close Price Percentage: the average property in 20002 is now selling at 97.51% of original list price
RBI's most recent DC Metro Housing Analysis -- with data through April 2012 -- was released May 10. It shows average home prices in the entire Metro-area rose 11.2% over April 2011 -- the highest annual gain since January 2006. Townhouses alone had a median sale price increase of 9.4% over April 2011. While active listings are 31.5% lower than last year townhouse inventory is lowest: only 2.2 months of supply.
Generally, low housing inventory increases competition between buyers for fewer available properties leading to an increase in prices and shorter days on market. Numbers show most of the greater Metro area housing market doing better than last year, and with the existing strong momentum, this should continue into summer.
For a more detailed discussion of differences in research methodologies and resultant statistics take a look at my recent blog post How to Evaluate Housing Reports.
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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.