The latest housing market reports from the National Association of REALTORS® (NAR) holds encouraging news! Home equity is recovering, and more homeowners are gaining confidence in the market. Will it mean more homes for sale and relief for tight inventories around the country? Let’s look at the trends to find out!
Seller’s Market Emerges From Low Home Inventory, High Demand
Sales of existing homes edged up in January 2013. NAR reports a seller’s market is developing as home prices climb above year-ago levels while home inventory shrinks. Home sales activity also increased in every region of the country but the West, which has the fewest number of homes for sale.
Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, reached 4.92 million units in January 2013. This is a 9.1% improvement over the 4.51 million unit pace set in January 2012.
Buyer traffic is up 40% from a year ago, but shrinking home inventories are insufficient to meet demand. Total inventory at the end of January fell 4.9% to 1.74 million existing homes for sale. This represents a 4.2 month supply at the current sales pace, down from 4.5 months in December, and is the lowest housing supply since April 2005.
The national median existing-home price for all housing types was $173,600 in January, up 12.3% from January 2012, which is the 11th consecutive month of year-over-year price increases. The January gain is the strongest since November 2005.
Homes are selling faster. The median time on market for all homes was 71 days in January, down from 73 days in December and is 28.3% faster than the pace set in January 2012.
DC Metro Home Market Ahead of National Trends
The DC housing market is ahead of the national pace, with January home prices up 12.27% from a year ago. Homes are selling at a brisk pace, with an average of 65 days spent on market. Sales activity by volume is also better than the national average, up 12.21% from a year ago. Clearly, there is an excellent window of opportunity for home sellers in our current market!
Meanwhile, DC Metro home buyers will need to be fully prepared for this market, and have the professional representation they need to obtain new listings quickly. Professional real estate guidance is a must, especially in the multiple-offer environment we are seeing today.
Expert Real Estate Guidance for DC, Chevy Chase and Bethesda
Please keep in mind that home prices, sales activty and market trends will vary by city and neighborhood, even by street to street! Contact us for precision home sales data about Capitol Hill, Friendship Heights, and any community in the greater DC area!
If you are buying or selling a home in the DC Metro area, give yourself the advantages of working with The Estridge Group! Our commitment to service, our unsurpassed professionalism and our extensive DC market experience have made us the trusted choice in DC area real estate.
Contact us to arrange your personal real estate consultation!