July 2012 Market Watch

National news holds for a slow economic recovery with moderate job gains, unemployment at 8.3%, 1.8 million jobs added in the last 12 months with much growth attributed to the private sector and increases in hiring, slowing down of applications for unemployment benefits.  Despite the slow economic recovery the housing marketing is showing much improvement.

Want to know how the July 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 - July 2012

Overview (source: RBI – video below)

• Fannie Mae and Freddie Mac reported strong earnings in Q2 due to the rising home prices, faster processing and fewer delinquent home owners.
• Locally in Washington, DC the city added 18,000 resident workers in the past 12 months and its employment rate is at 9.3% (down from 11.3% this time last year).
• Sales have increased 7.8% (compared to last July) to 632 units
• New pending contracts are on the rise with a 4.6% increase over last July at 662 – the highest in seven years
• Active inventory is down 33.6% from July 2011 at 1,491 units
• New listings are at the lowest they’ve been in the past 10 years for the month of July at 695 units.
• Median home prices are up 2.8% over July 2011 to $457,500 – a new record high for the city!
• Average time on the market is at 22 days (an 8 day decrease from last July)
• Homes sellers are obtaining 96.8% of list price
• Key changes in the past 12 months: increase in sales activity (closed and new), decrease in active inventory and upward pressure on home prices which decrease the median days on market.
• Market conditions are favorable for sellers as well as buyers who can still take advantage of historically low interest rates.

For other markets please click below on the desired area. Market Watch videos are courtesy of RBI via MRISVideos.

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}

National news holds for a slow economic recovery for several reasons but the housing market shows much improvement.  It’s a great market for both buyers and sellers.  Please contact us if you have any questions and/or you are ready to get started with a real estate professional.  We have agents licensed in MD, VA, DC, WV, PA, DE, NC, TN and KY.  We also have a national network of BRERS affiliates should your area of interest fall outside our main footprint.  Call us today at 888-453-5263 or email us at customercare@penfedrealty.com.