A statistical analysis of the local real-estate market sees not just the springtime thermometer on the rise, but the already hot local market further heating up.
The T3 Home Demand Index, created by the Mid-Atlantic multiple-listing service Bright MLS, uses a variety of data points to settle on a monthly score for the Washington region’s homes market. For April, the figure was up to 144 – higher by far than the 117 recorded in March and the best since the peak reported last October.
The factors used to compile the scores are activities that occur before the sales process transpires, so unlike monthly sales reports, the figures can be used as a forward-looking indicator.
And those indications point upward.
“Demand continues to accelerate,” Bright MLS noted, reporting that 60 percent of ZIP codes in the metro area reported “high” levels of activity in March compared to 40 percent in February.
Leading the field was 22041, a Falls Church-area ZIP, with a ranking of 249. Arlington’s 22203 was next was 244.
In the Sun Gazette coverage area, other high scores were turned in by Arlington’s 22209 (212) and 22207 (163). Vienna’s 22180 did well at 188, with the adjacent 22181 at 163. McLean’s 22102 was 105 (in the “steady” range of the ranking) while neighboring 22101 was right behind at 102. Oakton’s 22124 also was in the “steady” category at 99, while 22066 in Great Falls was 55 (“limited,” due largely to the small number of homes on the market at any given time).
Scores for a number of major ZIP codes in Arlington – 22201, 22202, 22204 and 22206 – were not reported for April. A month before, 22201 and 22204 were among the hottest in the region.
Money seems to be no object in some cases, as the ranking puts the current score for the single-family market of homes priced at $950,000 or above at 207, well up from 146 reported a month before and the 137 a year before.
For more information and the complete scorecard, see the Website at www.homedemandindex.com.
[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]