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Low Inventory Means Fewer Sales but Higher Homes Prices in Bloomingdale

by Nena Perry-Brown

Low Inventory Means Fewer Sales but Higher Homes Prices in Bloomingdale: Figure 1
A condo in Bloomingdale.

This week’s installment of Home Price Watch focuses on Bloomingdale, a Northwest neighborhood known for its bidding wars.

Compared to early 2016 when the neighborhood housing market had a much more subdued start, median home prices in Bloomingdale have risen by 13.5 percent to just over $800,000 thus far this year. Similarly, the average price for one of the neighborhood’s most popular home types — rowhouses with four or more bedrooms — jumped 13 percent to over $1 million.

As prices have risen, sales have gone in the other direction. Nearly 40 percent fewer homes have sold in 2017 compared to the same time last year.

Low Inventory Means Fewer Sales but Higher Homes Prices in Bloomingdale: Figure 2
Median sales to original list price ratio

This increase in prices and lack of sales likely comes as the result of low supply in the neighborhood this year. While the inventory rose to about two months in June, much of the rest of the year was plagued by a housing supply of only a few weeks. The low inventory has not only deterred buyers, but has lead to more competition for the few homes on the market — the average sales to original list price ratio for all of 2017 is 101 percent.

Housing data for the advertised subdivision of Bloomingdale was provided by RealEstate Business Intelligence. Bloomingdale is between North Capitol Street and 2nd Street NW, Florida Avenue and the McMillan Reservoir.

See other articles related to: home price watch, bloomingdale home prices, bloomingdale

This article originally published at https://dc.urbanturf.com/articles/blog/low_inventory_means_fewer_sales_but_higher_homes_prices_in_bloomingdale/12891

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