The supply problem still looms large. February condo/coop inventory continued to stay below corresponding 2012 levels. More specifically, total actives through February (355) were 33% below last year’s comparable level. On the other hand, new listings rose 2% above last year’s level. The market is so tight that at the February contracts pace, there was only a 1.4-months supply of properties.
The District’s single-family inventory also dropped significantly compared to a year before. February active listings totaled only 539 properties. This was 36% below those in February 2012. Similarly, new single-family listings for the month (357) slipped almost 2% from a year before.
For all of 2012, the average and median sales prices were $250,738 and $208,225, respectively. And, both were 20% below the 2008 highs of $312,720 and $260,000. Thus far, through February, the average price of $223,766 was down almost 11% from 2012. And, the median price of $194,000 was nearly 7% below the 2012 median. Since it is still early in the buying season, we should expect these prices and sales volumes to rise with the spring and summer markets.
Home prices also have started out lower than in 2012. Last year, singlefamily average prices jumped 11% compared to the average for 2011. Furthermore, the median price bounced up18%. But this year, through February, the average single-family home cost $636,160 with the median at $485,000. These prices are down 3% and 8.5%, respectively, from the 2012 yearly average and median. However, they should rise as the selling season gets going.
Washington, dC Sales Market
The District’s February unit sales pace was up substantially. It totaled 481 properties, rising 16% from a year ago. And, the sold dollar volume was $261,143,270 – jumping 26% from the previous year. The average sale price was $542,917, up over 8%; and the median price was $432,500, a 9% increase from last February. The average sales price to original listing price ratio was 98%, up 3 percentage points from a year before. This February, 983 total actives were down 38% from a year ago, but the 696 new listings in February declined only 2% from February 2012. However, there will likely continue to be tight inventory in 2013. February Single-Family Homes The Washington, DC single-family sales market has been on a slower track compared to last year. Year-to-date contracts were up only 1.8% (618) with February single-family contracts (313) rising only 2.3%, just a bit better than a year before. Similarly, year-to-date settlements (484) edged up only 1.7%. Nevertheless, new settlements in February (250) slipped almost 1% from the same period in 2012.
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2013 March - April
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