DC Housing Report: Sales Way Up, Supply Shrinking
✉️ Want to forward this article? Click here.
In his latest analysis of the DC housing market, Keith Gibbons of DCHousingPrices delivers a fairly succinct message: sales volume is way up compared to last November, and the inventory of homes on the market is tightening. We will highlight a few noteworthy numbers regarding sales volume below, but Keith’s analysis of shrinking inventory is worth a look for anyone looking to buy before the end of the year.
“Every month since May there’s been a 5-6 month supply of housing inventory listed and in November it shrunk to 4.44 months for condos and 5.15 months for months. Both metrics indicate a tightening supply of housing on the market. Yet prices still fall across the board for condos and homes. High demand and less supply don’t normally equate to lower prices.”
Below are two of his comprehensive charts that look at average sales prices and transaction volume in November followed by few highlights that we gleaned from the data.
- Condo sales volume was up a remarkable 118.25 percent compared with November 2008. Home sales volume surged 82.39 percent.
- The average sales price for condos in the District dropped $15,000 from a year ago. For single-family homes, that drop was even more drastic (approximately $40,000).
See other articles related to: dc area market trends, dc condos, dchousingprices.com, dclofts, keith gibbons
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_housing_report_sales_way_up_supply_shrinking/1620.
Most Popular... This Week • Last 30 Days • Ever
Forest Hills Connection is reporting that the owner of the Days Inn along Connecticut... read »
The 67-room luxury hotel will be located at 3000 M Street NW, the site of the old Lat... read »
On Monday, the listing price for the 30,000 square foot home that was originally buil... read »
The eight-bedroom estate built by Banks Development along Chain Bridge Road will be l... read »
DC's Historic Preservation Review Board looks poised to approve changes for one of th... read »
- A Plan For More Development In Van Ness?
- Jose Andres Group Partners On New Georgetown Hotel
- The Price For Dan Snyder's Former Potomac Home Drops By $5 Million
- DC Home At Site Of Former Cafritz Mansion Set To List For $23.5 Million
- HPO Recommends Approval For Changes To 280-Unit Building At DC's Reservoir District
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro