DC: Spring Real Estate Sales Showing Improvement

Washington DC Real EstateThe weather as of late has been a bit confusing, but there’s one thing that’s been very clear: the spring real estate market is here. The numbers are all up, both from previous months and from last year too.

March saw 36.6 percent more sales volume than last month, which is not abnormal for performance changes from February to March, but we also saw 1.26 percentage higher volume than last year at this time. In addition, the median sale price was up 6.59 percent from last March, the average sale price was up 7.87 percent and the total days the average property was on the market before fetching a contract was down by about two.

These numbers help the statistically oriented see what is obvious to everyone else: things are crazy now! The Dwight & David Group had its most productive week ever last week, netting nine contracts in seven days, at a total volume of about $4.5 million. Almost all of those contracts were won by beating out other buyers and a few of them were all-out bidding wars. One in particular escalated almost $60,000 over asking price with five offers on the property.

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