What's Hot: RFK Stadium Cleared For Demolition | Airbnb Unveils Icons
"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 below
loading...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
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
A regular inclusion as one of DC's most expensive housing markets, Georgetown remains... 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. 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