The inventory of homes for sale in the DC area fell to its lowest level on record again in February, a sign that the supply and demand imbalance in the housing market will continue into spring.
The February report from Bright MLS out today shows a four-week supply of homes on the market, a 21 percent decline from a year ago. What that means is that if no new listings hit the market, the supply of homes for sale would run out in just under a month.
“Leading into the all-important spring real estate sales season, February 2021 set the stage for one of the tightest markets we’ve ever seen,” said Brian Donnellan, President and CEO at Bright MLS.
The drop in inventory was most pronounced among detached single-family homes, as the number of new listings for this property type fell 26% compared to last February. This lack of single-family homes is being felt on the sales side; pending sales for this property type dropped about 20 percent, year-over-year.
Despite the limited supply, home sales are up sharply year-over-year, driven largely by condos and co-ops. 1,379 of these units sold in February, the second highest monthly total in a decade and the upcoming sales numbers will be even better as there were 1,590 pending sales for the region this month.
Unless a significant number of homes come on the market in the coming weeks, the market will continue to be very favorable to home sellers in the coming months.
This article originally published at http://dc.urbanturf.com/articles/blog/one-of-the-tightest-markets-weve-ever-seen/17985
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