First Quarter Washington DC Real Estate Summary
• 1st quarter prices: Up 9.2% from last year at this time.
• Unit volume is up 7.8% in the 1st quarter of 2013 compared to the 1st quarter of 2012.
• Days on market was down 23 days over the year to 60 days and is below the 10-year average of 63 days.
• Months of inventory: Limited new listings, coupled with steady demand, drove inventory to a new low. Months of inventory, at 1.9 months, is down from 3.2 months one year ago.
According to the just released Delta & Assoc. Q1 2013 Washington Area Housing Outlook, the Washington area housing market can expect sustainable growth during the balance of 2013 due to strong fundamentals, and despite sequestration.
The report states " Though the effects of sequestration have not been fully realized by the regional economy, prices continue to rise as the number of buyers exceeds the number of sellers."
As shown in RBI (Real Estate Business Intelligence) statistics for January through March 2013, lack of inventory has been the primary catalyst for rising prices, but buyer presence in the market has been strong.
Prices in the Washington DC area have risen 9.2% over the past year. The average sale price of a Washington-area home sold in the 1st quarter of 2013 was $417,665 according to the Delta Assoc. report, 9.2% higher than in the 1st quarter a year ago.
Prices remain highest in the Core Jurisdictions of the District, Arlington and Alexandria, where the average sales price in the 1st quarter of 2013 is 5.2% higher than the average sales price for the same time in 2012, at $542,557. The Inner Ring of Fairfax, Montgomery and Prince George’s counties, as well as Falls Church and Fairfax cities saw price increases 10.4% higher than in 2012. Their average price for the 1st quarter of 2013 was $401,400.
Analysts expect that the double-digit price growth seen over the past year is likely to level off at more modest levels. RBI's latest market statistics will be released on Friday May 10th. You can see that data here at cooldcre.com,