Washington DC August 2012 Real Estate Market Data

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Washington DC August 2012 real estate market reports

Washington DC August 2012 Real Estate Market Data

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.

August 2012 Mid Atlantic Real Estate Market Report

NEW CONTRACTS

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.

August 2012 DC Metro Real Estate Market Report

CLOSED SALES

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. 

 
PRICES

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.
 
 

DC August 2012 real estate market report for your neighborhood

 

August 2012 Washington DC real estate market report

See detailed reports 

Statistical and analysis data by RBI (Real Estate Business Intelligence). We love 'em!

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Rainmaker
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Edward & Celia Maddox
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Good charts and information.  All the success in selling in DC

Sep 10, 2012 12:28 AM #1
Rainmaker
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Thanks Edward and Celia! Same to you : )

Sep 10, 2012 12:29 AM #2
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Debbie Reynolds
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Susan, You are right, that this information makes you smarter.

Sep 10, 2012 01:27 AM #3
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