Home prices increased by the greatest amount over the past year since 2006, according to a report released Thursday by Real Estate Business Intelligence.
“Pricing in the D.C. metro area continued recent positive trends with a year-over-year median sale price gain of 11.2 percent, the highest annual gain in more than six years,” the firm reported. RBI suggests this might mean all the talk of a shadow inventory of to-be-foreclosed homes didn’t impact home prices much.
The April 2012 median sale price is $337,000, which is 6.7 percent higher than the $316,000 level in April 2011. Prices increased in every jurisdiction in the metro area, with the greatest gains occurring in Arlington, with 27.7 percent and Falls Church City, with 19.8 percent.
Among types of properties, condo prices saw the greatest increases:
“The biggest gain in median sale price was in the condo/co-op segment...the $275,000 April level represented a 14.6 percent year-over-year gain. The townhouse segment had a median sale price of $350,000, up 9.4 percent year-over-year. Detached homes were up 8.4 percent over April 2011 to $450,000, the largest annual gain for this segment since October 2010.”
Where We Live has been covering the issue of low inventory, and there continues to be a short supply of homes across the region, RBI notes: “Active inventory remains low compared to demand, with only 3.2 months of supply. This not only put upward pressure on pricing, but resulted in significant declines in days on the market prior to sale and the percent of original list price discounted at settlement.”
The 6,280 new listings in April represented a 14 percent decline compared with those entered in April 2011.
“Notably, the level of new listing activity in April represents a 9.1 percent decrease compared to the 6,909 new listings in March,” they wrote.