The month of March represents the beginning of the spring housing market, although in many DC neighborhoods a key element for that season is missing: homes for sale.
In our ongoing series that looks at the increasingly competitive nature of the DC housing market, UrbanTurf, with the help of Bright MLS, analyzed the neighborhoods that are experiencing a chronic shortage of homes for sale. And the list is fairly long.
There are ten neighborhoods in DC that have less than a four-week supply of homes on the market. What this means is that at the current sales pace, the supply of active listings would drop to zero if no new homes came on the market in a four-week period.
In certain neighborhoods, the supply of homes for sale is much lower. American University Park and Michigan Park are two neighborhoods on opposite sides of the city that each have about a three-week supply of active listings. In Crestwood and North Cleveland Park, the supply of listings stands at about two weeks. And in Shaw, there is a mere nine-day supply.
The dearth of homes for sale in these ten neighborhoods has as much to do with rabid buyer demand as it does with fewer homes coming on the market. In all of the neighborhoods mentioned above, the contract ratio in March exceeded 2.0, meaning that there were at least two listing under contract for every listing on the market.
The chart above only includes neighborhoods with less than a month's supply of homes for sale, but there are many other areas with a chronic shortage. There following areas had just a one-month supply of listings in March: Anacostia, Foggy Bottom, 16th Street Heights, Glover Park, Petworth, Brentwood and LeDroit Park.
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This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-neighborhoods-where-there-are-virtually-no-homes-for-sale/13929.
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