According to RealEstate Business Intelligence (RBI), the Washington DC metro area real estate market is booming poised for a great spring. Numbers released this week show year-over-year increases in sales, prices, new contracts, inventories and median days-on-market compared to February 2014. Closed sales increased by almost 1% from February 2014, while prices rose by 4%, new contracts rose by 7.7%, with all categories experiencing a rise, inventories rose 16.6%, and median days-on-market (DOM) rose by 50%. The mediam price for single-family detached and townhomes each rose $10,000 to $470,000 and $385,000 respectively, while condos increased by $3,000 to $286,000.
In a nutshell:
- The number of closed sales increased to 2,608.
- The number of new contracts increased to 4,085.
- The number of homes available for sale increased by 16.6%. This is great news for buyers who been anxious to get in the market and buy a home.
- Sales are up 2.1% compared to January 2015.
- There were a total of 2,608 sales, the best February in two years and the first time since October of 2013 that there have been three consecutive months of year-over-year increases.
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Categories: Market stats