August 2012 Real Estate Market Watch

National news holds for a slow economic recovery with moderate job gains (96,000 new jobs added in August), unemployment at 8.1%, 1.8 million jobs added in the last 12 months with much growth attributed to the private sector. Slow economic growth is anticipated for the remainder of the year.  On Sept. 13th the Federal Reserve issued a 3rd round of mortgage backed securities and extended its commitment to maintain low rates through 2015 with intentions to support private sector lending, support job growth and the housing recovery

Want to know how the August 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 - August 2012

Overview (source: RBI – video below)

• Locally in Washington, DC the city added over 16,000 resident workers in the past 12 months and its employment rate is at 9%
• Sales have increased 7.4% (compared to last August) to 608 units; the highest August level in three years.
• New pending contracts are on the rise with a 13.8% increase over last August at 642.
• Active inventory is down 34.8% from August 2011 at 1,339 units (lowest August level in eight years)
• New listings have decreased 2.1% from last August at 639 units.
• Median home prices are up 9.8% over August 2011 to $439,000
• Average time on the market is at 21 days (an 1 day decrease from last month)

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.