Tuesday – 3/12/2013, 8:54am ET
WASHINGTON – Hear that sizzle? It’s the sound of the housing market heating up.New data out from the George Mason University Center for Regional Analysis and RealEstate Business Intelligence show February home prices and home sales high. In fact, sales this year were at their highest February level since 2007.
While active listings continue to remain low – accounting for the region’s persistent low inventory – February saw new listings on the rise. Home listings increased 13 percent from the month before.
Low inventory also pushed the average sale-to-list price ratio to its highest level since 2006. This increase helped push home prices up by 11.7 percent region-wide, compared to January.
The median sales price across the region is $355,000, and the region saw double-digit gains for the fifth consecutive month.
In year-over-year statistics from 2012 to 2013, the median sales prices of homes saw increases from 3.3 percent to 15.1 percent. Increases ranged from 6.5 percent in Prince George’s County and 6.7 percent in Fairfax City, to 9.9 percent in D.C. and 35.8 percent in Falls Church.
The condominium market also is red-hot. Condos accounted for nearly a third of all sales in the region in February.
Here are the median sales prices by jurisdiction for the Washington metro area:
Data from RealEstate Business Intelligence. Source: MRIS