A DC home that sold in January.
The regional housing market was slowed by the massive snowstorm that brought the DC area to a standstill in January, a new report reveals.
The RealEstate Business Intelligence report for January out today showed that the number of new contracts in the area fell by 8 percent, the first decline in 15 months, and the number of new listings dropped 5.3 percent from last year, the first drop in 14 months. Both declines are being attributed to the late January snowstorm.
Prices were also lower across the area in January for the first time in recent memory, falling 2.5 percent versus January 2014. On a more granular level, home prices dropped in places like Montgomery County and Alexandria, but rose in DC proper and Arlington.
The other story last month was inventory. From the report:
“After rising to a peak year-over-year increase of 34.6% in August 2014, inventory growth has steadily declined, and at 8,277 listings, is only 4.1% higher than a year ago. Year-over-year inventory growth will likely turn negative sometime in 2016.”
The chart below illustrates the downward trajectory of inventory in the region since 2008.
This article originally published at http://dc.urbanturf.com/articles/blog/the_jonas_effect_on_the_dc_area_housing_market/10858
Most Popular... This Week • Last 30 Days • Ever
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Loan recasting is a growing practice- so what is it?... read »
The project would replace a concrete plant and would deliver the neighborhood's first... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
The site is next to the former Malcolm X Elementary School on Alabama Avenue.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
The project would also deliver new office space for the fraternity, which has been at... 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