Last month, the DC area housing market saw the highest number of signed contracts for the month of November (3,781) in six years, exceeding the average November pace by 23.3 percent, according to data released yesterday by RealEstate Business Intelligence (RBI).
The report also showed showed modest month-to-month gains for home prices in the region. The median sales price in November 2011 was $335,000, a 4.7 percent increase over October, and notably higher than the average October to November increase (0.3 percent). However, the November 2011 median sales price declined three percent compared to November 2010.
The line marks the median sales price trajectory for two years. Courtesy of MRIS.
Another trend that caught our attention was the significant drop in the inventory of homes for sale in the area. The number of active listings (12,582) at the end of last month was 28.8 percent below the five-year monthly average for November.
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.
This article originally published at http://dc.urbanturf.com/articles/blog/stronger_than_average_november_for_dc_housing_market/4759
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