A strong end for the DC real estate market, as prices across the board increased. Interestingly enough, inventory levels dropped significantly to the low levels we saw in December 2009. This is in part due to the slow December month, and partly due to the number of sales during November/December. Both condos/coops and single family homes saw a drop in their inventory levels to the same range of December 2009.
Condos/Coops
Average Sale Price: $425,344 (3.9% increase from 2009)
Median Sale Price: $370,500 (4.01% increase from 2009)
Single Family/Attached
Average Sale Price: $563,702 (2.26% increase from 2009)
Median Sale Price: $420,000 (2.94% increase from 2009)
A total of 478 properties sold in December, of which 15.48% were distressed (16 short sales, 58 bank-owned).
Overall for the year a total of 17.01% of all properties sold were either short sales or bank-owned properties. Here’s a breakdown by property type:
Condos
Total Sold: 2371
Short Sales: 75
Foreclosures: 200
Market Share: 11.6%
Coops
Total Sold: 338
Short Sales: 2
Foreclosures: 5
Market Share: 2.07%
Fee Simple (Single Family, Rowhomes)
Total Sold: 3869
Short Sales: 159
Foreclosures: 678
Market Share: 12.72%
Total Sold: 6578
Short Sales: 236
Foreclosures: 883
Total Market Share: 17.01%
This is exciting news for anyone who owns real estate, especially for realtors.