April 19, 2016 | SiteAdmin

The real estate market is proving that the 2016 home buying season is going to be a hot one, with homes in March already moving 16 percent more quickly than last year, even as prices hit record highs.

Washington D.C. Metro Area closed sales over the last six-months.

Properties are averaging 75 days on the market in March, moving 14 days faster than a year ago and 19 faster than last month. The median list price in March was $238,000, 8 percent higher than one year ago and 3 percent higher than February.

In Arlington County, VA, the median sold price for detached properties for March was $755,000, compared to the median sold price for Condo & Coop properties, which was $385,000. The median sold price for single-family homes in Arlington County, VA, decreased 6.2% compared to last month and 5.9% from March 2015. The median sold price for Condo & Coop properties decreased 3.8% compared to last month and 0.8% from March 2015.

In Fairfax County, VA, the median sold price for detached properties for March was $605,000, compared to the median sold price for Condo & Coop properties, which was $270,000. The median sold price for single-family homes in Fairfax County, VA, has increased 1.3% compared to last month and decreased 0.8% from March 2015. The median sold price for Condo & Coop properties increased 10.2% compared to last month and 0.9% from March 2015.

In Washington D.C., the median sold price for Detached properties for March was $649,500, compared to the median sold price for Condo & Coop properties, which was $422,000. The median sold price for single-family homes in Washington D.C. decreased 1.6% compared to last month and 0.8% from March 2015. The median sold price for Condo & Coop properties has decreased 4% compared to last month and 3.1% from March 2015.

The Conference Board Consumer Confidence Index, which had decreased in February, improved in March. The Index now stands at 96.2 (1985=100), up from 94.0 in February. “Consumer confidence increased in March, after declining in February,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions posted a moderate decline, while expectations regarding the short-term turned more favorable as last month’s turmoil in the financial markets appears to have abated. On balance, consumers do not foresee the economy gaining any significant momentum in the near-term, nor do they see it worsening.”

Source: Realtor.com, RBI, Conference Board Consumer Confidence Index

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