Housing price growth in the DC Metro region reached a double-digit percentage increase in December 2012 compared with a year prior, though month-to-month price trends declined a bit, according to data from Real Estate Business Intelligence.
In December 2012, the median housing price of a sold home was $359,000, up 10.5% from December 2011, but down 3.0% from November 2012, when the average median sales housing price in D.C. Metro was $370,000. The number of homes sold in D.C. Metro in December – 3,323 units – also increased year-over-year by 4.9% but declined 6.6% from November.
The housing price growth in D.C. Metro included all housing types: the median price rose 12.9% year-over year for a single-family home, 10.4%for a condo and 8.3% for a townhouse.
The overall housing market is expected to strengthen this year, with housing price growth in D.C. Metro and sales volumes pointing toward ongoing increases, RBI projects. The real estate research firm suspects, despite annual housing price growth in D.C. Metro, that demand has been a bit softer in recent months due to the low inventory, which may be keeping some homebuyers on the fence as they wait for a broader selection of properties.
Also in December the number of active listings fell 17.4% year-over-year and 39% month-over-month to 6.466. New pending sales fell 28% year-over year and fell 9.1% month-over-month to 3,097, according to Real Estate Business Intelligence. In addition to sales buyers waiting for an ideal market, sales could be slightly more sluggish recently because of economic uncertainty.
Traditionally, home sales have picked up in winter in the D.C. region and prices remained flat, though this year they’re likely to pick up in the spring. The pent up demand in late 2012 created an $11,000 drop in the median price sales, but that could reverse with the seasonal push in upcoming months and create more price growth in D.C. Metro.
For More Information:
Real Estate Business Intelligence: http://www.rbintel.com/blog/dc-metro-closes-2012-double-digit-price-growth
Rock Creek Realty: http://www.rcrdc.com/
National Association of Realtors: http://www.realtor.org/