What's Hot: The 5 Zip Codes in the Maryland Suburbs With the Highest Home Price Appreciation in 2024
February Housing Report: Low Inventory/Foreclosures, High Contract Activity
✉️ Want to forward this article? Click here.
News out today about the DC area housing market in February sounds very similar to what was reported about the market in January and December: a low inventory of homes for sale and higher-than-average contract activity.
RealEstate Business Intelligence (RBI) reported this morning that there were 9,823 active listings on the market in the region in February, down from January (10,095) and the lowest level for the month since 2005. Despite the low inventory, the number of contracts signed for the month were the highest for February since 2007, a 1.9 percent increase over February 2011 and a 7 percent increase over last month. Median home prices for the region were also 6 percent higher than a year ago.
While there may be less to choose from for buyers out there, an optimistic detail from the report that caught our attention was regarding foreclosures:
With 368 active foreclosures representing only 3.7% of the active market (the lowest level since July 2008) and the fewest new foreclosures entering the market since March 2008, pricing continues to stabilize with median sales price up 6.0% over February 2011 levels.
As for home prices in the region, the median sale price for townhouses rose 9.5 percent year-over-year, condo/co-op prices were 6.8 percent higher and detached home prices were up 2.8 percent. (Keep in mind that these statistics include the entire region noted below; for more granular statistics of specific zip codes or areas, click here.)
The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.
Similar Posts:
See other articles related to: dc home and condo prices, dc home prices, realestate business intelligence
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/february_housing_report_low_inventory_foreclosures/5270.
Most Popular... This Week • Last 30 Days • Ever
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
Today, we take a closer look at home insurance.... read »
The new project is just the latest affordable development to move forward in DC.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- A Look at What is Covered By Home Insurance
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro