May 2012 Market Watch

Want to know how the May 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 - May 2012

Overview

• Things are looking up as we head into the 2nd quarter of 2012
• Job growth over the past 12 months is up 1.8 million nationwide with 69,000 added in May 2012
• Washington, D.C. has added 7,200 resident workers in the past 12 months
• Unemployment rate has declined to 8.2% (nationwide); 8.3% in Washington, D.C.
• Sales volume has increased 4.4% (compared to last March) to 645 units
• Active inventory is down 34% from May 2011 at 1,614 units
• Median home prices are up 4.9% over May 2011 to $450,000
• Average days on the market has dropped to 48 days (28.4% decrease from last May)
• If the trend continues prices will increase in the coming months
• Low inventory coupled with increasing prices and low mortgage rates is creating an incentive for buyers to act more quickly.

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}