Long & Foster® Real Estate, Inc., the largest independent residential real estate company in the United States, has updated its neighborhood level versions of The Long & Foster Market Minute® for 15 areas within Washington, D.C.
Overall, Washington, D.C., experienced a year-over-year increase in the number of homes sold and in median sale price in July. Active inventory fell by 26 percent in the Washington, D.C., area compared to the same month in 2012. July data also shows that in most neighborhoods homes are now selling in a month or less, on average. Many individual neighborhoods in the city, however, continued to outperform the District as a whole.
As a whole, the number of homes sold in the District in July increased by 18 percent year-over-year. The Penn Quarter and Shaw neighborhood saw a 65 percent increase in the number of homes sold. The Cleveland Park and Kalorama, and Georgetown neighborhoods each saw a 45 percent increase in the number of homes sold in July, and the Capitol Hill (NE) neighborhood saw a 26 percent increase in homes sold.
Median sale prices in Washington, D.C., increased by 15 percent overall compared to the same month in 2012 according to July data. The Penn Quarter and Shaw neighborhood saw a 38 percent increase, while the Cleveland Park and Kalorama neighborhood saw a 30 percent increase in median sale price. Median sale price increased in the Shepherd Park and Petworth neighborhood by 28 percent, while the Anacostia and Hillcrest neighborhood saw a 27 percent increase.
Active inventory decreased by 26 percent throughout the city in July. The Logan Circle and Dupont neighborhood saw the biggest decrease at 56 percent, while the Southwest and Waterfront neighborhood saw a decrease of 49 percent. The Spring Valley and Wesley Heights, and Cleveland Park and Kalorama neighborhoods saw decreases of 41 percent and 38 percent, respectively.
In July, the District experienced a days on market (DOM) average of 29 days, with the Brookland and Woodridge area experiencing the shortest marketing period at just 16 days on market. The Spring Valley and Wesley Heights neighborhood followed closely behind at 18 days on market, while both the Chevy Chase, and Columbia Heights and Mt. Pleasant neighborhoods saw average DOMs of 19 days.
“The real estate market has been thriving this summer, and the Washington, D.C., region is no exception,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “Homes are not only selling for more than previous years, but also they’re moving quicker than before, and these developments are clear indicators of the health of real estate in our area and the overall economy. Whether you’re a home buyer or seller, now’s a great time to enter the market.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.