What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
"One of The Tightest Markets We've Ever Seen"
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.
story continues belowloading...
story continues above
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.
See other articles related to: dc area condo market, dc area housing supply, dc area market trends, dc condo market, dc home prices, dc housing inventory
This article originally published at https://dc.urbanturf.com/articles/blog/one-of-the-tightest-markets-weve-ever-seen/17985.
Most Popular... This Week • Last 30 Days • Ever
New renderings show the public space that will be part of the huge new residential de... read »
Several large projects are in the works across the Potomac in Rosslyn while others ha... read »
In this week's edition of Above Asking, we highlight a home in Mount Pleasant that so... read »
As Los Angeles looks to implement a "mansion tax" on April 1, UrbanTurf decided to ta... read »
The 2023 Home Buyers and Sellers Generational Trends report out today found that bab... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... 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 »
- New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
- The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn
- 12 Offers, $273,000 Above Asking in Mount Pleasant
- A Closer Look at the Mansion Tax
- Baby Boomers Pass Millennials As Largest Generation of Homebuyers, Per Report
- Whole Foods at Walter Reed To Open This Summer
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
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