Today, UrbanTurf is examining one of our favorite metrics regarding competition in the housing market to find the DC neighborhoods where homes for sale are attracting numerous bidders.
Contract ratio compares the total number of homes under contract in a given period to the overall number of active listings. A higher ratio signifies an increase in contracts compared to supply. For example, a ratio of 1.2 means there are 1.2 listings under contract for every listing that is active. For this article, UrbanTurf analyzed the contract ratio for advertised subdivisions in DC in February.
Leading the way in February was Brentwood, the Northeast DC neighborhood adjacent to Ivy City, where the contract ratio came in at a notably high 4.5. Following behind in a distant second were Chevy Chase DC and AU Park with ratios between 2.5 and 3.0. Takoma and Fort Lincoln had contract ratios of 2.0, and rounding out the list were Petworth and Brookland.
In addition to contract ratio, the neighborhoods above stand out as competitive as they largely all have high sales to original list price ratios, an indication that homes are selling for above asking price on a regular basis.
See other articles related to: contract ratio
This article originally published at https://dc.urbanturf.com/articles/blog/the-7-dc-neighborhoods-where-you-arent-the-only-person-bidding-on-a-home/18112.
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