Housing Inventory Remains Tight - Prices Up for Condos and Single-Family Homes

Housing Inventory Remains Tight - Prices Up for Condos and Single-Family Homes

February 2013 Housing Statistics for Montgomery County & DC From GCAAR

Housing inventory remained tight in February with fewer condos and single-homes available. Median salesprices were also up in both categories, while houses spent fewer days on the market.

Washington, DC
The average number of days on market was down 21.62% from February 2012. The median price for
condos was up 9.2%, and single-family homes saw a 12.3% increase in the median price. Available
inventory dropped from February 2012, with 39.1% fewer condo listings and 34.7% fewer single-family listings. Condo contract activity improved slightly in February, with a 2.1% increase over February 2012, and condo settlements increased 43.2%. Single-family contracts saw a small increase, 2.3%, and settlements aw a minor drop, 0.8%, from February 2012.

Montgomery County
The average number of days on market was down 34.4% over February 2012. The median price increased 12.1% for condos and 14% for single-family homes. Available inventory decreased for condos by 33.1%, and single-family homes, 34.4%. New condo contracts decreased by 3.4.%, but increased just slightly for single-family homes, 1.2%. Condo settlements saw a sizeable increase in February, 26.4%, while singl efamily settlements increased 5.8%. District