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.
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 http://dc.urbanturf.com/articles/blog/dc_area_housing_market_recovers_from_the_jonas_effect/10967
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