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Home » Housing » Residential » Pending Home Sales SOAR in D.C. Up 31%

Pending Home Sales SOAR in D.C. Up 31%

By Ryan Cox | February 11, 2011

Some good news out of the nations capital for once. [rim shot] Don’t hold your breathe, but there are some people in D.C. that worked at a feverish pace in January. [rim shot #2] Pending sales of existing homes in the Washington-area region were up 31 percent from a year ago in January.

MRIS data, complied by its Real Estate Business Intelligence division, covers: D.C., Montgomery, Prince George’s, Arlington and Fairfax counties, also including Alexandria, Fairfax City, and Falls Church. A 31 percent spike in pending sales of existing homes is a huge shot in the arm to local D.C. real estate, as well as a good number for national real estate. Pending sales measures the numbers of signed contracts, but sale is not final, hence the pending descriptor. [rim shot #3 .. can you ever overuse rim shots?]

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Washington DC Metro Real Estate

According to the National Association of Realtors (NAR), the pending home sales index (PHSI) was at 93.7 percent in January. The current PHSI is still some 4 percent below what it was a year ago, but it has posted a gain five of the last six months, according to the same NAR article.

The MRIS data showed that the Washington region posted its highest monthly and yearly increase in pending sales in more than a decade, with 3,198 purchase contracts signed in January. Median sales prices in the region also rose a healthy 7.5 percent from January 2010 to $315,000. A separate report by NAR stated Washington-area prices in the fourth quarter were up 8.1 percent from the previous year.

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Georgetown luxury listed by DCRealEstate dot com
Ryan is an entrepreneur. You've probably heard (or read) him talk about "hustle". He is the founder and CMO of @StatsSquared, an analytics company that recently won Indianapolis Startup Weekend, placed second in the Global Startup Battle, and then won the ITMartini competition. He has two startup projects: @Schindigs and @Tag2Do. During the day (rim shot) he does SEO consulting for @DeepRipples and manages a few clients under his own consulting. He helps businesses leverage internet marketing, Facebook, and Twitter, and provides insight on cutting edge technologies across several sectors.
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