Housing prices in the Washington, DC metropolitan area have reached their highest prices since 2006, according to Urban Pace’s end-of-the-year housing market report. At the same time, housing inventory growth declined last year and is down more than 60 percent from its 2007 peak.
“Our analysis of the data in the Urban Pace report clearly indicates one thing: a healthy housing market in 2016 and most likely beyond,” said Lynn Hackney, President of Urban Pace, a Washington, DC-based real estate sales and marketing firm. “We remain very positive and bullish on the DC metro market."
Added Executive Vice President Jonnie Jamison: “Our year-end report shows that the Washington metro area’s urban condo market continues to be driven by the first-time buyer price point. While we saw prices approaching $1,100 per square foot for larger trophy-type condominiums, those sales were by far the exception to the rule.”
Urban Pace’s 2015 year-end report notes that:
· The area’s year-end median home sales price of $410,000 is only one percent below the 2007 peak.
· Total 2015 sales of 50,528 units marked a 9.4 percent increase over the previous year.
· Half of the homes on the market sold in less than 22 days, well below five- and ten-year averages.
· Although inventories reached 8,644 by year-end – a 4.6 percent increase over 2014 – they are down over 60 percent from the 2007 peak of 21,712 units.
· Homes in Prince George’s County saw the area’s highest year-over-year appreciation of 6.3 percent; nonetheless, the county remains the area’s most affordable jurisdiction with a median home price of $235,000.
· The City of Falls Church has the region’s highest median home price of $690,000, followed by Arlington at $556,000 and the District at $523,000.
About Urban Pace: Urban Pace, LLC is a privately owned company that provides marketing, sales, and advisory services to real estate developers specializing in condominium and mulit-family developments. Founded in 2001, Urban Pace has worked on more than five million square feet of property and over 5,000 units. For more information, please visit www.urbanpace.com or call 202.841.2439. Follow Urban Pace on Facebook, (www.facebook.com/urbanpace) and Twitter (https://twitter.com/urbanpace).