Want to know how the March 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 - March 2012
Overview
- Broad recovery in 1st quarter of 2012
- Job growth over the past 12 months is up 1.9 million
- Unemployment rate has declined to 8.2%
- Initial unemployment claims are back to normal levels
- Consumers are 88% more confident than six months ago and are 66% more confident about the next six months
- D.C. has seen job growth with 1500 new resident workers and 11,000 new jobs
- Sales volume has declined 6.1% (compared to last March) to 521 units
- Pending sales are up 5.4% (compared to last March) to 778 units and up 33% from February 2012
- Active inventory is down 25.4% from March 2011 at 1721 units but had a 7.8% gain over February 2012 as sellers enter the spring market
- Median home prices are up 6.6% over March 2011 to $405,000 which is the second straight month and points to market stability
- Spring market should see continued improvement
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}