A Closer Look at the February Home Sales Surge in DC
✉️ Want to forward this article? Click here.
In February, the DC area had the largest year-over-year increase for pending sales of existing homes in a decade, according data released recently by RealEstate Business Intelligence (RBI), the research arm of Metropolitan Regional Information Systems (MRIS).
Specifically, 4,044 homes went under contract in the area last month, a 33 percent increase over February 2010 (3,041 contracts). The area that MRIS analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.
While the increased sales activity is positive news, the median price across the area dropped year-over-year, which seems to go against area home price data that has come out in recent months. We spoke with housing market expert and RBI analyst Jonathan Miller to better understand why this might be.
Miller explained that while the data reported about pending sales in the area came from homes that went under contract in February, the median sales price data comes from homes that went to contract two to three months ago.
February home sales data for DC. Courtesy of MRIS.
“There is traditionally a seasonal dip in prices at the end of the year,” Miller explained, adding that the drop in price is not because of an increase in bank-owned properties that have gone under contract.
It is also important to point out that the drop in median sales price is for the entire region that the MRIS covers, an area much larger than just DC. In DC proper, the median price actually jumped year-over-year from $335,000 to $360,000.
While the increase in number of contracts signed is certainly an optimistic sign for the spring housing market, Miller noted that it is not an indicator that the area is on the verge of another real estate boom circa 2005.
“Up 33 percent is impressive, but it really means that we are leaving a weaker market and moving back into a more normal market.”
See other articles related to: dc condo prices, dc home prices, dclofts, editors choice, jonathan miller, mris
This article originally published at https://dc.urbanturf.com/articles/blog/a_closer_look_at_the_february_home_sales_surge_in_dc/3137.
Most Popular... This Week • Last 30 Days • Ever
The high-end properties are set between the Potomac River/C&O Towpath and multiple pa... read »
In this edition of First-Timer Primer, we look at the ins and outs of the 203k loan.... read »
The largest residential conversion planned in the neighborhood is continuing to move ... read »
Plans for the large new residential project are looking to get started again after mo... read »
The residential pipeline in Adams Morgan has slowed in recent years, and now there ar... read »
- Two Stylish Single-Family Homes Debut in Walkable MacArthur Boulevard Location
- First-Timer Primer: What is a 203K Loan?
- 300-Unit Office-To-Residential Conversion in Georgetown Files Updated Design
- Plans Filed For 230-Unit Development At Brookland Metro Station
- The 4 Developments In The Works In Adams Morgan
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro