What's Hot: A Closer Look at the Mansion Tax | New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
DC Area Home Sales Fell 13% Following Shutdown
The effects of the government shutdown were significant, but likely temporary, for the DC area housing market.
Following seven consecutive months of double-digit annual gains, the number of closed sales in the area dropped 13.7 percent last month versus November 2012, according to a report released Tuesday by RealEstate Business Intelligence. Sales also fell 21.2 percent between October and November, about five times the ten-year average decline.
However, even though sales dropped off, contract activity appeared to pick right back up after the shutdown ended.
“The impact of the shutdown appears to have created only a temporary pause in sales growth, as new contract activity resumed positive trends in November,” said Jonathan Hill, President of RealEstate Business Intelligence. “There were 3,854 new contracts signed in November, the highest November total in seven years.”
In addition to contracts, two other housing metrics also increased in November: prices and inventory.
Despite the stall in sales, the median sales price for the region rose 8.1 percent compared to November 2012. In DC proper, prices rose 11.1 percent; the only jurisdiction in the region where prices fell was Arlington County.
Also, after a seemingly endless inventory drought, the housing supply looks to be increasing. Active listings in the region were up (5.7 percent) for the second consecutive month in November; townhouse listings rose 16.8 percent, and condo/co-op listings rose 14.5 percent.
See other articles related to: dc housing inventory, dc housing prices, dclofts, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/the_shutdown_effect_on_dcs_housing_market/7911.
Most Popular... This Week • Last 30 Days • Ever
Clarion Partners, the owner of the Chevy Chase Pavilion, has filed modifications to i... read »
The new development keeps humming along in DC's Buzzard Point.... read »
Where it's cheaper to build than buy; Elon Musk is not making Texas happy; and the wo... read »
New renderings show the public space that will be part of the huge new residential de... read »
If you are tired of getting lost in their stores, IKEA has a new location planned tha... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... 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 »
- Plans Progress For a New Grocery Store at Friendship Heights Mall
- The Stacks, Brooklyn Bowling and a Vermeer: The 5 Developments on the Boards for Buzzard Point
- Friday's Must Reads
- New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
- IKEA Opening Small Format, Delivery Only Location in Pentagon City
- Whole Foods at Walter Reed To Open This Summer
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
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