Rates Dip, Market Flips
NAR reports pending home sales are nearly 13% higher this March than the same time last year. There are currently 1648 Active listings in DC and 1425 under contract (both including short sales and foreclosures). Also as of this writing, there are 639 Active condo listings (again including short sales and foreclosures) and 500 under contract. There are only 326 detached homes Active and 244 under contract. 240 rowhouses are listed as Active, and 331 under contract. It's when you filter by location that things get really interesting.
In the 20009 zip code, here are the stats:
Active condo, co-op & fee simple listings: 182
Under contract: 160
In the 20005 zip code:
Active condo, co-op & fee simple listings: 25
Under contract: 25
Active condo, co-op & fee simple listings: 66
Under contract: 69
It is a seller's market in those locations. WBJ reports that the "official" bottom of the overall DC market was during the 3rd quarter of 2011.
Interest rates are currently under 3.9% 30 year best fixed rate according to Freddie Mac.
Copyright 2012 Susan Isaacs