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D.C.-area home prices at highest Feb. level since 2007

Darci Marchese, wtop.com

WASHINGTON – Hear that sizzle? It’s the sound of the housing market heating up.

New data out from the George Mason University Center for Regional Analysis and RealEstate Business Intelligence show February home prices and home sales high. In fact, sales this year were at their highest February level since 2007.

While active listings continue to remain low – accounting for the region’s persistent low inventory – February saw new listings on the rise. Home listings increased 13 percent from the month before.

Low inventory also pushed the average sale-to-list price ratio to its highest level since 2006. This increase helped push home prices up by 11.7 percent region-wide, compared to January.

The median sales price across the region is $355,000, and the region saw double-digit gains for the fifth consecutive month.

In year-over-year statistics from 2012 to 2013, the median sales prices of homes saw increases from 3.3 percent to 15.1 percent. Increases ranged from 6.5 percent in Prince George’s County and 6.7 percent in Fairfax City, to 9.9 percent in D.C. and 35.8 percent in Falls Church.

The condominium market also is red-hot. Condos accounted for nearly a third of all sales in the region in February.

Here are the median sales prices by jurisdiction for the Washington metro area:

Feb. 2013 Feb. 2012 Year-Over-Year Year-to-date 2013 Year-to-date 2012 Year-Over-Year
D.C. Metro $355,000 $317,900 11.7% increase $347,000 $312,000 11.2% increase
Falls Church City $737,500 $561,500 31.3% increase $677,500 $499,000 35.8% increase
Arlington $484,500 $480,000 0.90% increase $464,000 $480,000 3.3% decrease
Alexandria City $438,375 $410,000 6.9% increase $444,000 $408,000 8.8% increase
Washington, D.C. $432,500 $398,500 8.5% increase $426,500 $388,000 9.9% increase
Fairfax $420,000 $362,500 15.9% increase $420,000 $365,000 15.1% increase
Fairfax City $430,000 $408,500 5.3% increase $424,000 $397,500 6.7% increase
Montgomery $347,000 $315,000 10.2% increase $350,000 $320,000 9.4% increase
Prince George’s $165,000 $152,000 8.6% increase $165,000 $155,000 6.5% increase

Data from RealEstate Business Intelligence. Source: MRIS

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