Washington, D.C. Metro Area – May 2012 Housing Market Update
Rockville, MD – (June 11, 2012) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on May 2012 MRIS listing housing data.
Inventory in the Washington region continues to shrink. In May, the level of active listings was at its lowest May-level since 2005. Additionally, the number of distressed property listings (foreclosures and short sales) is at the lowest level since MRIS began tracking this metric in April 2009. The reduction in supply is putting upward pressure on prices, as evidenced by the 11 percent rise in the median sales price from May 2011. This price gain reflects the fourth consecutive year-over-year gain, and the second consecutive double-digit increase for home prices in the region. These trends, coupled with decreasing Days on Market (average down 17.6 percent from May 2011), and an increasing sale-to-list price ratio (up 1.9 percent from May 2011) signal that it is a Seller’s market heading into the summer months.
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