In another indication that now is a good time to have a home on the market in the nation’s capital, The Wall Street Journal reported Tuesday that median asking home prices have jumped by 17 percent in DC over the last year. The article confirms what several other outlets have been seeing in the housing market nationwide: inventories are down and prices are going up. Citing recently-released data from Realtor.com, the WSJ reported that nationwide median asking prices have jumped by 5.6 percent since last year.
While a 17 percent increase seems a little too eye-popping to believe (we are more inclined to go with the 7.8 price increase from last week’s RealEstate Business Intelligence report), today’s stats add to mounting evidence (both real and anecdotal) that it is a nice time to be a seller in the city right now:
- The DC area has 3.2 months of active supply on the market right now, well below the 6-month benchmark that indicates a healthy market. The 10,503 active listings in March represent a 26.4 percent dip from March 2011 and that number is 37.3 percent lower than the five-year March average, according to RealEstate Business Intelligence.
- Redfin reported in February that 42.4 percent of offers made since the beginning of the year in DC have faced some sort of competition (i.e. multiple bid) scenario, the fourth highest percentage in the country.
- Boutique projects are selling at a very quick pace. Ontario Road Flats, a six-unit Adams Morgan project, sold out in a week, and it took 1300 Euclid, another six-unit project in Columbia Heights, just about two weeks to sell out. The Thompson on 10th Street sold out in just 5 days.
- Lastly, but perhaps most telling, UrbanTurf has been receiving a steady stream of emails and comments of late with a common chorus: When a buyer sees a house they like, it is usually gone within days for above the asking price.
This article originally published at http://dc.urbanturf.com/articles/blog/its_a_good_time_to_be_a_home_seller_in_dc/5428
Most Popular... This Week • Last 30 Days • Ever
Following a bankruptcy auction, sale closed on the property last November.... read »
The new home also has an owner's suite that spreads out over 3,300 square feet.... read »
Built in 1840, the home has been home to members of Congress and presidential cabinet... read »
Over 8,000 apartments were absorbed in DC in 2021 for the first time.... read »
A neighbor of the priciest home to ever sell in the DC region appears to be taking in... read »
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The H Street Corridor once epitomized DC's development boom, but construction activit... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
The Shaw pipeline is starting the year off hot.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro