2012 DC Real Estate Market Starting Off Hot and Fast
DC METRO - January 11 2012
After a sleepy third quarter in 2011, DC home buyers came out in force in the fourth, snapping up winter inventory, now at its lowest level in six years.
Data released by RBI (Real Estate Business Intelligence) and Clear Capital Inc. shows inventory for December 2011 dropping more than 17% over December 2010. New listings in December were down a whopping 58.5% from the same time in 2010.
According to Clear Capital's latest report, prices continue to tick up--3.5% during 2011--and DC remains a top level market nationally.
Add to the mix the recent drops in 30 year fixed mortgage interest rates and a drop in DC Metro foreclosures, and you have fuel for an unusually robust 2012 DC real estate market.
"This week 30 year fixed mortgage interest rates fell to a low of 3.67%, then adjusted slightly up to 3.71%, lower than historically low 2008 rates. The rate for 15 year fixed mortgages fell to 3.03% and 5/1 ARM rates hovered just above 2.59%" says DC Realtor Susan Isaacs.
"The DC market is also seeing fewer foreclosures, which were down significantly at 58.5% from December 2010, according to the RBI stats," Isaacs added.