Washington DC August 2012 Real Estate Market Data
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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.
- 20004 Washington
- 20005 Logan Cir/Thomas Circle
- 20006 Washington
- 20007 Georgetown/Burleith
- 20008 Woodley/Clvlnd Pk
- 20009 Dupont/Adams Morgan
- 20010 Columbia Hts/Mt Plt
- 20011 16th St Hts/Crstwd
- 20012 Colonial Vlg/Takoma
Statistical and analysis data by RBI (Real Estate Business Intelligence). We love 'em!
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