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 median sale prices in December. Active inventory fell by 7 percent in the Washington, D.C., area compared to the same month in 2012. December data also shows that in most neighborhoods homes are selling in a just over a month 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 December increased by 19 percent year-over-year. The Southwest and Waterfront neighborhood saw a whopping 67 percent increase in number of units sold and the Capitol Hill (SE) neighborhood experienced a large 65 percent increase. The Capitol Hill (NE) neighborhood followed closely with a 54 percent increase in the number of units sold.
Median sale prices in Washington, D.C., increased by 6 percent overall compared to the same month in 2012 according to December data. The Georgetown neighborhood saw the largest increase at 34 percent. The Shepherd Park and Petworth neighborhood saw a 29 percent increase, and the Anacostia and Hillcrest neighborhood experienced a 20 percent increase in median sale price.
Active inventory decreased by 7 percent throughout the city in December. The Anacostia and Hillcrest neighborhood saw a 30 percent decrease in active inventory, the Capitol Hill (SE) neighborhood saw a 24 percent decrease, and the Southwest and Waterfront neighborhood saw a 20 percent decrease. The Adams Morgan and U Street neighborhood saw a 19 percent decrease in active inventory.
In December, the District experienced a days on market (DOM) average of 32 days, with the Columbia Heights and Mt. Pleasant neighborhood experiencing the shortest marketing period at just 17 days on market. The Capitol Hill (SE) neighborhood followed closely behind with an average DOM of 19 days. The Penn Quarter and Shaw neighborhood saw an average DOM of 22 days. The Brookland and Woodridge, Chevy Chase, and Logan Circle and Dupont neighborhoods all saw days on market averages of 23 days.
“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”
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.