The porch at 5368 27th Street NW, which recently hit the market.
It has been quite awhile since the area housing market favored the buyer, as demand has long outpaced available homes for sale in the region. But that could be changing.
For the sixth month in a row, the inventory of listings for sale in the DC area increased compared to the previous year, according to a report out from RealEstate Business Intelligence on Thursday.
There were 7,604 active listings in the DC area at the end of March, a 21 percent increase over March 2013. Condo supply rose at the fastest clip, increasing 35.1 percent (or 519 listings), followed closely by townhouses, which rose 34.6 percent or 344 listings.
Prices increased right along with inventory, rising on an annual basis for the 26th consecutive month to $389,900, reaching the highest March level in seven years. Prices rose the most in Prince George’s County, Fairfax and Falls Church. In DC proper, prices were up about 3 percent over March 2013, and in Montgomery County and Arlington, they remained flat.
While inventory and prices headed north in March, buyer activity was still experiencing a bit of a winter hangover. Activity on closed sales and new contracts fell 11.2 percent and 6.8 percent, respectively, compared to last March. It was the third consecutive month that closed sales fell off from the previous year.
“Buyer activity in the region has been subdued over these uncommonly harsh winter months, but is likely to return as spring arrives,” the report noted.
This article originally published at http://dc.urbanturf.com/articles/blog/housing_inventory_returns_to_dc_area_in_march_as_prices_rise/8342
Most Popular... This Week • Last 30 Days • Ever
Following a bankruptcy auction, sale closed on the property last November.... read »
The new home also has an owner's suite that spreads out over 3,300 square feet.... read »
Over 8,000 apartments were absorbed in DC in 2021 for the first time.... read »
A neighbor of the priciest home to ever sell in the DC region appears to be taking in... read »
Howard University built a lot of momentum last year, putting pieces of its vast portf... read »
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The H Street Corridor once epitomized DC's development boom, but construction activit... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
The Shaw pipeline is starting the year off hot.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro