DC Metro Area Home Prices Jump 7.8% in March

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.

Pricing

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.

Contracts

The Virginia jurisdictions and the District all experienced an increase in contract activity compared to March 2011, but Montgomery County and Prince George’s County saw 1.4% and 2.2% annual declines respectively.

• 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.

Lender Processing Services Home Price Index

The Lender Processing Services Home Price Index -- reporting data through January 2012 -- was released Monday, April 9th.  According to LPS methodology, the Washington area was the only housing market to report a rise in home prices.

Washington, DC

• Among the 585 metro areas for which LPS and the Bureau of Labor Statistics provide data, average home prices increased during January only for Washington, DC.

Nationwide

• The national average home price for transactions during January 2012 declined 0.9% to a price level not seen since March 2003. Early data suggests slowing likely in February's upcoming report, to a 0.3% drop.

• Of the more than 585 metro areas covered, average prices declined for all (433) in 39 states. In addition, while average prices did not decline for all metro areas in the remaining states, prices fell in a total of 524.

Lender Processing Services, Inc. (LPS) is a leading provider of technology, data and analytics for the mortgage and real estate industries. Approximately 50% of all U.S. mortgages by dollar volume are serviced using LPS' loan servicing platform. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries.  Most of the nation’s top 50 banks have chosen LPS to provide the solutions they need to achieve their business goals and succeed in today's competitive marketplace.

Real Estate News This Week

Check out my latest DC area real estate newsletter for the week of April 1-7, 2012. This week's reports include:

• Clear Capital - DC home prices jump 5.3% over March 2011
• CoreLogic - local home prices up 4.1% over February 2011
• CNBC: Washington one of the strongest housing markets in the country
• DC condo sales and prices increase as inventory drops
• mortgage applications jump 4.8% as credit standards tighten
• DC among most expensive rental markets in nation
• new mixed-use projects throughout the metro area

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• development projects
• buyer/seller advice

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.

Clear Capital Home Data Index Market Report

The latest Clear Capital Home Data Index (HDI) Market Report -- with data through March 2012 -- was released Thursday, April 5th.  The March Index shows Washington area home prices rising over the February Index and last year, even as prices continue to decline nationwide.

Washington Core Based Statistical Area

DC, Arlington, Alexandria

The Washington Core Based Statistical Area (CBSA) -- which includes the District, Arlington, Alexandria -- report the following:

• Annual: Washington metro home prices are up 5.3% over March 2011
• Quarter: local home prices rose 5% over the previous rolling quarter
• Highest Performing Metro Markets: the DC area ranked 4th in the nation for the second month in a row
• Metro 50 Forecast: the DC area housing market is forecasted to gain 8.4% by the end of 2012

Nationwide

• Annual: home prices fell 1.4% from March 2011
• Quarter: a modest drop of 0.2% from the previous rolling quarter

The year-over-year analysis found the nation lost -1.4% over the period, which is slightly better than February’s year-over-year results of -1.9%, indicating a positive trend in yearly numbers.  Nationwide there were saw price changes of less than 1% for the fifth time in six months.

While the U.S. lost -0.2% quarter-over-quarter, this decline is milder than last month’s decline of -0.6%. This positive trend may be attributed to the beginning of spring after a very mild winter, resulting in the start of an early buying season.

Clear Capital is a premium provider of data for real estate asset valuation and risk assessment for large financial services companies. The Company's customers include the largest U.S. banks, investment firms and other financial organizations.

Read the full report here.

CoreLogic Home Price Index

The latest CoreLogic Home Price Index (HPI®) -- reporting data through February 2012 -- was released Wednesday, April 4th.  February's numbers show improvement in the local housing market over the January Index and last year.

Washington area prices for single-family homes continue to rise, even as declines persist across the country.  Nationwide prices dropped for the seventh consecutive month.

District of Columbia

Numbers for the District of Columbia alone show all sales -- including and excluding distressed properties -- have buoyed prices higher over February 2011.

• Home prices have jumped 4.1% over February 2011 -- including distressed sales.
• DC home prices show an increase of 1.8% over last year -- excluding distressed home sales .

Washington-Arlington-Alexandria, DC-VA-MD-WV

Key figures for the Washington "Core Based Statistical Area" -- which includes the District, Arlington, Alexandria, and parts of West Virginia -- show distressed properties (i.e. foreclosures and short sales) putting a drag on overall home price increases.

• Single-family home prices have increased 2.1% over February 2011 -- excluding distressed home sales.
• Home prices are up only 0.2% -- including distressed home sales.

 Nationwide

Nationally the numbers show home price declines with distressed properties plunging the country's numbers lower.

• Single-family home prices declined 2% over Febuary 2011-- including distressed home sales .
• Prices have dropped 0.8% -- excluding distressed home sales.

CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations.

Read the CoreLogic press release.

Read the full six-page report.

Real Estate News This Week: March 25-31, 2012

Check out my latest DC area real estate newsletter for the week ending Saturday, March 31, 2012. This week's reports include:

• Average DC sold price up almost 8% over February 2011.
• CNBC: Washington one of the strongest housing markets in the country.
• Bloomberg: bidding wars erupt in DC.
• Washington among top 6 metros with the most new construction.
• Smaller homes, urban locations trending.
• New mixed-use projects throughout the metro area.

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• development projects
• buyer/seller advice

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.

DC Metro Open Houses Today

Below are hyperlinks to lists I've compiled of open houses scheduled throughout the Washington metropolitan area for today: Sunday, April 1, 2012

I've sorted all results within these jurisdictions alphabetically by city for ease of reference. All property types are represented in here: single-family homes, condos/coops, townhouses/semi-detached.

• Washington, DC
• Northern Virginia 
• Maryland

Contact me for a custom open house report in your area, or 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.