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 https://dc.urbanturf.com/articles/blog/report_signals_dcs_historically_low_housing_inventory_is_easing/6767.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... 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 »
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