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Written by Cook and Zook Team
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Thursday, 15 April 2010 00:00 |
The Washington area housing market is in the early phases of the recovery cycle:
- Prices continue to show signs of a moderate recovery: 1st quarter prices in the metro are up from the same quarter in 2009, with the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) outperforming the Core and Inner jurisdictions. Prices will likely gain traction throughout 2010, as buyer and seller expectations continue to move closer to a balance, facilitating an increase in transaction volume. This is the second consecutive quarter prices have risen on a trailing 12-month basis, representing the first increases seen since the 4th quarter of 2007.
- Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions have experienced the sharpest decline, but across the region, time on market is very close to or below the region’s long-term average.
- The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio of 5.7 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
- The gap between buyer and seller demands is closing with the average sales price in the 1st quarter of 2010 at 93.8% of list price, the highest ratio in more than two years.
Source: www.nvar.com/marketstatistics/quarterlytrends
Click Here for a more in-depth look at the Metropolitan Regional Information Systems "Trends in Housing" Report
In additional to local real estate, the National Association of Realtors releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA). Beginning on February 15, 2005, this quarterly report includes a breakdown of condo and co-op prices by metro market.
1st Quarter 2010 Existing Home Sales by State
1st Quarter 2010 Single-Family Metropolitan Area Home Sales
1st Quarter 2010 Condo/Co-op Metropolitan Area Home Sales
Related Article: Home Prices Rising in More Metro Areas, First Quarter Sales Up From a Year Ago
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© 2008 Cook and Zook Team. All Rights Reserved.