Housing Inventory in DC Area Hits Lowest Level in Almost a Decade
The DC area’s declining inventory.
The DC area finished 2012 with the lowest level of for-sale housing inventory in almost a decade, and the lowest number of new listings on record.
RealEstate Business Intelligence (RBI) reported this morning that there were 6,466 active listings in the region at the end of last year, a drop of over 4,200 listings from the end of 2011. As for new listings, 2,465 came on the market in December, the lowest number for any month with data dating back to 1997.
In general, a drop in inventory usually results in prices heading northward, but at least in the short term, RBI hypothesizes that is not what is happening:
Unseasonable declines in sales and median price from November could be an early sign of weakening demand. While intuitively low supply would put upward pressure on prices, it could be that many buyers are deciding to delay their home purchase until more options become available on the market, which is loosening the pressure on pricing as evidenced by the $11,000 drop in the median sale price from November.
Courtesy of RealEstate Business Intelligence
Still, there is evidence that the drop in inventory over the last 12 months has driven prices upward. In DC proper, the median sales price has risen almost 10 percent (from $414,000 to $455,000), and across the Metro area, prices rose 10.5 percent. During that period, active inventory fell by over 40 percent.
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.
See other articles related to: dc home and condo prices, dc home prices, dc housing inventory, dclofts, housing inventory, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/housing_inventory_in_dc_area_hits_lowest_level_in_almost_a_decade/6501.
Most Popular... This Week • Last 30 Days • Ever
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
Construction continues humming along on several developments on the uppermost stretch... read »
Today, we take a closer look at home insurance.... read »
Unlike other new residential developments in the city, all of the apartments will be ... read »
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
- A Look at What is Covered By Home Insurance
- 8-Unit Project + Restaurant Proposed Along Georgetown Canal
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro