March 11, 2016 | Isabella Schnider

The real estate market is seeing increased market velocity early this year amidst strong demand and slow inventory growth.

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

The median list price in February increased slightly from January. Inventory volume is slowly increasing, but demand is growing faster. Listing inventory in February is expected to show a 2 percent increase over January. The median age of inventory is estimated to end at 96 days, down 4 percent from January and down 6 percent year-over-year.

In Arlington County, VA, the median sold price for detached properties for February was $805,000, compared to the median sold price for Condo & Coop properties, which was $400,000. The median sold price for single-family homes in Arlington County, VA, increased 0.6% compared to last month and 3.9% from Feb 2015. The median sold price for Condo & Coop properties increased 0.3% compared to last month and 8.1% from Feb 2015.

In Fairfax County, VA, the median sold price for detached properties for February was $597,450, compared to the median sold price for Condo & Coop properties, which was $245,000. The median sold price for single-family homes in Fairfax County, VA, has decreased 0.4% compared to last month and increased 3% from Feb 2015. The median sold price for Condo & Coop properties decreased 6.8% compared to last month and 2.5% from Feb 2015.

In Washington D.C., the median sold price for Detached properties for February was $660,000, compared to the median sold price for Condo & Coop properties, which was $439,500. The median sold price for single-family homes in Washington D.C. decreased 1.9% compared to last month and 1.5% from Feb 2015. The median sold price for Condo & Coop properties has increased 1% compared to last month and 2.1% from Feb 2015.

The Conference Board Consumer Confidence Index, which had increased moderately in January, declined in February. The Index now stands at 92.2, down from 97.8 in January. “Consumer confidence decreased in February, after posting a modest gain in January,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions weakened, primarily due to a less favorable assessment of business conditions. Consumers’ short-term outlook grew more pessimistic, with consumers expressing greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects. Continued turmoil in the financial markets may be rattling consumers, but their assessment of current conditions suggests the economy will continue to expand at a moderate pace in the near-term.”

 

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

Let’s Talk

Whether you’re interested in finding out more or how we can help you achieve your goals, we look forward to connecting.

Contact Us

Follow us on Facebook for the latest news & insights

Facebook