Listings of Homes For Sale at Historic Level in DC Metro Area
The monthly report from RBI, RealEstate Business Intelligence shows that the number of active listings of homes for sale in the DC Metro Area was at a historic low level. There were 6,092 active listings as compared to the five year average of 12,525 listings.
The low inventory means that demand is pushing up prices and reducing the average listing discount. One good sign for home buyers was that there were 4,541 new listings of homes for sale which was an improvement from the January figures. Real estate agents are reporting multiple contract competition in the preferred communities.
CLOSED SALES
"Sales continue to improve, highest February total in six years; Condos lead in growth. There were 2,684 sales in February in the region, 7.1 percent higher than February 2012, and the highest February total in six years. The condo market led all property segments in sales growth, up 14.7 percent from this time last year. Condos accounted for 29.1 of all sales in the DC Metro Region, the highest proportion since January 2008. This reflects demographic trends in the buyer market with steady demand from first-time homebuyers and empty nesters looking to downsize into smaller units. Condos also tend to have lower price-points, which are attractive to many, especially with the tightened credit standards and continued economic uncertainty. FHA financing changes for condos have also played a role and have increased the availability of condo mortgages. Sales of single-family detached properties and townhomes rose 5.3 and 2.4 percent respectively from February 2012." - RBI, Real Estate Business Intelligence.
The statistics in this report are from MRIS, the regional multiple listing service. The data is compiled by RBI for use by real estate professionals and their clients.
Spring Wreath, Kentlands, Gaithersburg IMG_2407
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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