Home | Newsletter | Advertise
loading...

The DC Area Housing Market Recovers From the Jonas Effect

  • March 10th 2016

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

The DC Area Housing Market Recovers From the Jonas Effect: Figure 1
A home on 15th Street NW that sold in February.

The winter storm known as Jonas brought the DC region to a standstill in January and that extended to the area housing market. However, things seem to have hit their stride again in February.

A report out today from RealEstate Business Intelligence shows that, after a lull in January, home sales volume and new contracts picked back up last month. Specifically, sales volume, closed sales and new contracts were all up about 10-11 percent, year-over-year. In contrast, the number of new contracts fell about 8 percent in January versus January 2015.

As for prices, they dipped for the third month in a row to $380,000 in the region, but rose in select jurisdictions. In DC proper, prices increased year-over-year by $38,000 to $538,000. In Falls Church, prices rose by 21 percent to $865,000. The chart below illustrates changes across the region.

The DC Area Housing Market Recovers From the Jonas Effect: Figure 2

Here are a few other highlights from the report:

  • Housing inventories rose just 1.4 percent in February, the smallest increase since October 2013, and another sign that inventory growth is poised to turn negative this year.
  • Homes in DC sold at 99 percent of their original listing price in February, the highest percentage of anywhere in the region.
  • Listings are spending a median of 44 days on the market, a slight increase compared to last year.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_area_housing_market_recovers_from_the_jonas_effect/10967.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse