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AR's community takes the time to leave honest and transparent reviews of their experiences
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Each month AR runs numerous contests as a way for our members to engage in activities
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
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Why read up on the latest DC real estate market statistics? It will help you make smarter offers, negotiate with greater confidence and list at a price that will produce the best results!
AUGUST 2012 DC REAL ESTATE MARKET OVERVIEW
Demand remains strong in the Washington DC Metro housing market in August, as many indicators reach multi-year highs. Sales rose to their highest August-level in three years, and new contracts reached their highest August-level in seven years. Prices continue to climb, up year-over-year for the seventh straight month, and their highest August-level in five years. Low inventory of active and new listings persists, and is playing a major role in the price appreciation. Many people are likely keeping their homes off the market due to continued economic uncertainty, preferring to wait it out. It is also likely that homeowners in some communities would still face equity losses if they were to sell at the current price points, which could be deterring many from entering the market. The condo market remains strong with double-digit growth in sales and new contracts compared to last year, higher than townhomes and detached homes.
New contracts unseasonably strong in August, highest August-level since 2005.
There were 4,482 new contracts signed in August in the metro area, up 7.5 percent from this time last year. While the number of new contracts declined slightly from July, the 1.9 percent decline is less than the 10-year July to August average of -7.2 percent. As with sales, all property segments posted year-over-year gains in new contracts with condos leading the way at 15.7 percent. Demand for condos remains strong, and is likely driven by their more competitive price points. The number of new contracts for detached homes and townhomes rose 2.3 and 9.9 percent respectively compared to August 2011.
Summer sales remain strong compared to last year; four months of double-digit condo growth.
There were 4,062 sales in August in the Washington DC Metro Area, a 6.4 percent increase from this time last year, and the fifth consecutive year-over-year gain. The region experienced a 2.4 percent drop in sales from last month, but this is in line with the 10-year July to August average of -2.2 percent. Sales are up across all property segments compared to last year, which is an indication of continued market strength. Sales of detached homes rose 4.7 percent compared to August 2011, and townhome sales increased 5.1 percent. The condo market continues to lead all segments in year-over-year sales growth for the third consecutive month, increasing 12 percent from this time last year.
The metro median home price remains virtually unchanged from July, but is up $29K from last year.
At $385,000, the median home price in the DC metro area is 8.1 percent higher than August 2011. This is the seventh consecutive year-over-year increase for home prices, which is being driven by strong demand and consistently low inventories. Historically, median prices tend to decrease between July and August, falling eight out of the last 10 years. The low inventory and strong sales appear to be keeping prices at July levels this year. All but two jurisdictions in the metro area had year-over-year price gains in August, the highest occurring in Alexandria City where the median price rose 23.3 percent to $484,000.
Across the metro area, the median price for detached homes rose 7.9 percent from last year, a $35,000 gain in value. Townhomes and condos rose 6.9 and 6.3 percent respectively, increasing $23,175 and $16,500 in value. Year-to-date median prices are up in all jurisdictions and rose 6.4 percent for the metro area from this time last year.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.