The main theme for the regional housing market over the last six months has been the chronically low number of active listings on the market. However, new data suggests that inventory may be increasing.
A report out from RealEstate Business Intelligence (RBI) on Monday morning stated that the number of new listings to hit the DC area market between January and February rose 13 percent, well above average for this time of year.
There was an influx of over 500 new listings [between January and February], a 13.4 percent increase, which is well above the 10-year average January-to-February increase of 2.9 percent. This could be an early indication of a changing inventory pattern, and seller response to the ripe market.
While encouraging, the overall number of active homes for sale remains historically low. There were 6,092 active listings on the market in the area at the end of last month, approximately 3,700 fewer than at this point last year. The inventory, coupled with high buyer demand, continues to push prices northward. The median home price for the area rose by double digits for the fifth consecutive month in February. And those homes that are on the market are fetching their asking price or higher. The average sale-to-list price ratio for homes rose to 97.1 percent in February, the highest ratio for the region since 2006.
Home pictured in thumbnail photo for sale at 1619 21st Street NW.
This article originally published at http://dc.urbanturf.com/articles/blog/report_signals_dcs_historically_low_housing_inventory_is_easing/6767
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