DC Housing Inventory Increases For First Time in Two Years

• November 11th 2013

by UrbanTurf Staff

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Housing inventory in the DC area may finally be increasing.

Active listings in the region rose 5.6 percent between October 2012 and October 2013, according to a report from RealEstate Business Intelligence, which marks the first year-over-year inventory increase in over two years. Specifically, there were 14.9 percent more townhouse listings on the market than last year and 15.3 percent more condo listings. The single-family property segment was the only sector to have fewer active listings when compared to last year.

While the increase is a positive indicator for our shortage plagued market, active listings in the region remain 64 percent lower than their peak in September 2007. The historically low supply is the result of a continued high level of demand. Closed sales were up 19.1 percent in October versus a year earlier, led by a 21.5 percent increase in condo sales. The October sales total (3,892 sales) was also the highest level for the month since 2009.

Here are some other interesting statistics from RBI’s October report:

• The year-to-date median sales price of $399,999 for the region is 9.6 percent higher than the same period last year.
• Prince George’s County had the biggest year-over-year gain in median sales price of 15.6 percent. It was the eighth consecutive double-digit gain for the county.
• The median sales price of listings 800 square feet or smaller increased 16.5 percent versus last year, while sales increased 35.1 percent. Despite those stats, these units account for only 7.9 percent of all sales in the region.
• Half the sales that closed in October were on the market for 16 days or less.

Data provided by RealEstate Business Intelligence, a subsidiary of MRIS.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_housing_inventory_increases_but_remains_historically_low/7805.