The DC area finished 2011 with the lowest level of for-sale housing inventory since August 2005. RealEstate Business Intelligence (RBI) reported this morning that there were 10,684 active listings in the region at the end of last year, a 22.5 percent drop from 12 months earlier. The report predicted that the low inventory would lead to upward pressure on home prices in 2012.
Courtesy of RealEstate Business Intelligence
While there may be less to choose from out there than in years past, an optimistic detail from the report that caught our attention was the significant drop in foreclosures hitting the market.
From the report:
Only 1 in 20 (5.6%) active listings are under foreclosure, a significant decrease from the 11.2% foreclosed market share in December 2010. The 327 new foreclosure listings entering the market in December was 58.5% lower than the same period last year.
The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.
This article originally published at https://dc.urbanturf.com/articles/blog/december_housing_market_report_lowest_inventory_in_years/4893.
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