loading...

Selling in a Week or Less

by Shilpi Paul

Listings really are flying off the market in some parts of the DC area.

According to data compiled by RealEstate Business Intelligence (RBI), the outlet that analyzes the regional housing market, more than half the homes sold in May in seven DC area zip codes — covering Logan Circle, Del Ray, Herndon, Alexandria, Reston, Westover and Friendship Heights — were on the market for less than 7 days.

Selling in a Week or Less: Figure 1

From the graphs presented, it looks like the median number of days that homes spent on the market in these areas has been dropping steadily over the past few months, reaching a low in May. Additional data revealed that these fast-selling homes fetched right around the asking price, and that the median sales price in each zip code was significantly higher than in the region as a whole.

The takeaway? If you want a home in one of these areas, you probably will have to make a decision very quickly. But if you’ve been reading this site for the past several months, you already knew that. For the full analysis, check out the RBI post.

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.

See other articles related to: realestate business intelligence, dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/selling_in_a_week_or_less/5697

3 Comments

  1. Rob said at 9:58 pm on Monday June 25, 2012:
    This is more evidence that we're in another housing bubble -- but this time it's just a local bubble, not a national bubble.
  1. tresluxe said at 3:17 pm on Tuesday June 26, 2012:
    An upward trending market is not evidence of a bubble. If anything, I'd surmise that there's low inventory as a result of people being locked into their homes, underwater from the recent bubble. Meanwhile, people are motivated to buy because of low interest rates and histprically high rents. The banks are not looking to dump REO inventory all at once, and it's not plausible that homeowners are going to suddenly all get above water and sell en masse. Both processes are happening gradually over time. Hence, no bubble. I mean, just because a bunch bubble occurred recently, doesn't mean one is in our very near future. The housing market is more complex than that.
  1. MJK said at 4:10 am on Wednesday June 27, 2012:
    @Rob, this isn't a bubble. People want to live in the city and that is driving prices up. Good old fashioned supply and demand. don't want to spend 14 hours a week commuting to work and then have to drive back into town for entertainment, hence, I'm willing to pay 2x as much for my housing.

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!