Washington, DC Real Estate Sales January 2012 Video Report
This the Washington, DC Real Estate Sales January 2012 market review comparing the the past year and looking forward. The year 2011 presented several hurdles for the real estate market that included higher gas prices, strong winter storms, European debt issues, and the failure of the Congress and the White House to be productive. That was last year, at the start of 2011 January numbers show that the Washington, DC real estate sales January 2012 weathered that very well.
Several of the national economic reports show that there is improvement and some economic strength. The Gross Domestic Product (GDP) was up, and unemployment was trending down all of which are good for the real estate markets nation wide. The numbers for the Washington, DC real estate sales January 2012 show that there were 529 pending sales for the month an increase for 9.3% form January 2011. This is not the only good point, the inventory levels are decreasing to 1,619 homes listed for sale. That is a 27.6% drop in the number of active listings from the same month in 2011.
The Washington, DC real estate sales January 2012 also was able to benefit from the continued low interest rates offered on 30 year fixed rate loans. This is one factor that has resulted in a 3.2 month supply of inventory making this a very unique real estate market, and often sited as such in national reports. This is compared to a normal market inventory of 5 to 6 months.
This decrease in inventory has had an influence on the median price of $375,000 up 11.4% form a low in 2010 of a median price of $336,500. For the last 3 year closed sales have been within 15 closed sales of each other. The Washington, DC real estate sales January 2012 have been flat with 385 closed sales, 2011 having 390, 2010 having 375 closed sales. These are all part of a strong foundation for continued market health and the Washington, DC real estate sales January 2012 is a good start to the the year.