Washington, DC Real Estate Market Update – February 2010

We have ourselves a little bit of a seller’s market in the Washington, D.C. area for rowhouses and detached properties; condos aren’t getting bid up quite as much. The big story continues to be the low inventory in DC – rowhomes/detached properties are historically low for the 3rd month in a row, about 30% lower than 2009. Condos/Coops also have inventory levels slightly lower than 2009.

Condos/Coops:
-Inventory: Down 17% from 2009 (but increasing from the lowest point in December)
-Sales: Up 39%
-Average Sales Price: $389,295 (still down from 2005-2009)

Single Family Homes/Attached Rowhomes
-Inventory: Down 30% from 2009
-Sales: Up 39%
-Average Sales Price: $493,058 (still down from last year)

Stats are courtesy of gcaar.com