Want to know how the February 2012 real estate market is fairing in your area? Check out these short market video updates for local areas to include MD, VA, WV, DC and PA.
Real Estate Market in Washington DC - February 2012
Overview
- Positive Indicators: GDP is up 3% (4th Qtr 2011), unemployment is down (at 8.3% nationally), 2.1 million jobs created nationally over the past 12 months, initial unemployment claims are down 175 in 2012, consumer confidence is up 76% since October 2011
- Unemployment rate in D.C. is at 10.2% and the city added 7,000 jobs over the past 12 months
- Pending sales are up 7.6% to 597 units over February 2011
- Active listings are down 27.3% to 1,597 from last February (declining inventory brings market into better balance)
- Down to 3.1 months of supply (down 22.5% from February 2011); normal market is 5-6 months supply
- Median home prices increased 10.7% over February 2011 to fall at $398,500
- Factors that indicate the housing market will out perform the past few years: lower inventories, continued low interest rates, less foreclosure activity and improving national and local economies
For other markets please click below on the desired area. Market Watch videos are courtesy of the MRIS.
Maryland Suburbs Market Watch - Montgomery and Prince George’s counties {MD}
Southern Maryland Market Watch - Calvert, Charles and St. Mary’s counties {MD}
Northern Virginia Market Watch - Arlington, Fairfax, Fauquier, Loudoun, Prince William, Alexandria, Falls Church, Fairfax City, Manassas and Manassas Park {VA}
Baltimore Metro Market Watch - Anne Arundel, Baltimore County and City, Harford, and Howard counties {MD}
Eastern Shore Market Watch - Caroline, Cecil, Dorchester, Kent, Queen Anne’s and Talbot counties {MD}
Northern Region Market Watch - Franklin and Fulton {PA}, Frederick and Washington {MD}, Berkeley, Jefferson and Morgan counties {WV}
Southern Region Market Watch - Culpeper, Caroline, King George, Madison, Orange, Rappahannock, Stafford and Spotsylvania counties {VA}
Western Region Market Watch - Allegany and Garrett {MD}, Grant Hardy, Hampshire and Mineral {WV}, and Clarke, Frederick, Shenandoah and Page counties {VA}