D.C., Montgomery County housing prices jump

D.C., Montgomery County housing prices jump

Washington Business Journal – by Jeff Clabaugh
Date: Wednesday, February 16, 2011, 2:03pm EST

Single-family housing prices in the District and Montgomery County were up significantly from a year ago last month, though the condominium prices were mixed.

The Greater Capital Area Association of Realtors says the median price of a single-family home in D.C. was $399,000 in January, up nearly 14.2 percent from a year earlier. The number of listings was little changed, while the number of settlements was also up more than 14 percent.

D.C. condo prices were up just 1.44 percent from a year earlier, to a median price of $347,950.

In Montgomery County, the median price of a single-family home was up 16.64 percent from January 2010 to $414,000. The number of listings was up 12.5 percent, while settlements were down 5.6 percent from a year earlier.

Median condo prices were down 10.42 percent from January 2010 in Montgomery County, to $172,000.

“The residential housing market in the metro area has been picking up steam over the past nine months,” said GCAAR President Adrian Hunnings. “As buyers and sellers prepare for the spring market, we will begin to see how the recovery of the housing market will take shape in 2011.”

The absorption rate, or the number of active listings divided by the number of contracts, shows supply remains below 6 months at the current pace of selling in both D.C. and Montgomery County, a level the Realtors group says is consistent with a healthy market.

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