Home | Newsletter | Advertise
loading...

The Jonas Effect on the DC Area Housing Market

  • February 10th 2016

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

The Jonas Effect on the DC Area Housing Market: Figure 1
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.

The Jonas Effect on the DC Area Housing Market: Figure 2

This article originally published at https://dc.urbanturf.com/articles/blog/the_jonas_effect_on_the_dc_area_housing_market/10858.

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. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse