I just read this article about how the Washington DC Area has experienced one of the most active August real estate markets in four years!
In his article “Active August For DC Housing Market” Mark Wellborn writes about this optimistic report seems to run against the prevailing news reports of doom and gloom in the market place – which is certain true in many areas, but the Washington Market remains insulated from the tumult of the rest of the country.
In August, pending home sales in the DC area reached their highest level in four years, according to data released today by RealEstate Business Intelligence (RBI). Specifically, 4,169 contracts were signed in the region last month, a drop-off from July, but a 20 percent increase over August 2010.
The report released this morning also stated that the median home sales price for the area fell to $356,000 in August from $370,000 in July, a month-over-month drop that is in line with the seasonality of the market. A more notable statistic that caught our eye was that the median sales price for August 2011 was virtually the same as August 2010 ($355,000). MRIS analyst Jonathan Miller, who authored the report, noted that the median sales numbers (which are for closed home sales, so lag about three months) for last August were probably a little inflated because of the effect of the federal homebuyer credit, so while prices have not shot up, the price comparison is a little misleading.
Posted by: Eric Stewart