The DC Area Housing Market Recovers From the Jonas Effect

  • Mar 10th 2016

by UrbanTurf Staff

The DC Area Housing Market Recovers From the Jonas Effect: Figure 1
A home on 15th Street NW that sold in February.

The winter storm known as Jonas brought the DC region to a standstill in January and that extended to the area housing market. However, things seem to have hit their stride again in February.

A report out today from RealEstate Business Intelligence shows that, after a lull in January, home sales volume and new contracts picked back up last month. Specifically, sales volume, closed sales and new contracts were all up about 10-11 percent, year-over-year. In contrast, the number of new contracts fell about 8 percent in January versus January 2015.

As for prices, they dipped for the third month in a row to $380,000 in the region, but rose in select jurisdictions. In DC proper, prices increased year-over-year by $38,000 to $538,000. In Falls Church, prices rose by 21 percent to $865,000. The chart below illustrates changes across the region.

The DC Area Housing Market Recovers From the Jonas Effect: Figure 2

Here are a few other highlights from the report:

  • Housing inventories rose just 1.4 percent in February, the smallest increase since October 2013, and another sign that inventory growth is poised to turn negative this year.
  • Homes in DC sold at 99 percent of their original listing price in February, the highest percentage of anywhere in the region.
  • Listings are spending a median of 44 days on the market, a slight increase compared to last year.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_housing_market_recovers_from_the_jonas_effect/10967.

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