The number of residential properties for sale in the Washington Metropolitan Area (Northern Virginia, Maryland, and DC) in January was down more than 25 percent from a year ago; meanwhile the number of contracts signed to buy a house or condominium was up 4.6 percent, according to the Metropolitan Regional Information Systems Inc. (MRIS)
The RealEstate Business Intelligence reports for the Washington Metropolitan Area and Fairfax County VA indicate that the shortage of supply will continue to put upward pressure on pricing. There were 10,095 active listings in January 2012, representing a three-month supply at the current sales pace, down 25.3 percent from January 2011 when there were 13,510 active listings. There have been multiple offers on many listings due to lack of supply and demandfor more housing.
Inventory in the Washington Metropolitan real estate market was the lowest in seven years last month.
The number of foreclosed properties on the market in the Washington Metropolitan Area was down 67.2 percent from January 2011, according to MRIS data.
The average price of a residential property sold in January was up 1.4 percent from a year earlier to $396,823, led by a 17.2 percent jump in median prices of properties sold in Arlington.
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