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Demand Surpassing Supply in DC Area Home Market

  • August 5th 2009

by Mark Wellborn

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Demand Surpassing Supply in DC Area Home Market: Figure 1

A report from research firm Delta Associates and Metropolitan Regional Information Systems Inc. shows that the inventory of residential properties on the market in DC fell below 6 months worth in June, according to the Washington Post’s Local Address blog. Blog author Elizabeth Razzi notes that the drop in inventory (now at 5.1 months’ worth) is important as a five-month supply “takes us out of a buyer’s market and toward one that favors sellers.”

While this news is good for the market, it is not time to break out the champagne just yet:

“Before you get too excited, keep in mind that prices in the April-June quarter were still 13.2 percent below what they were last year.”

The report also stated that the DC area should start to see price gains later this year or in early 2010. It will take 9-12 months longer for those price gains to hit the outer counties.

See other articles related to: dclofts

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/demand_surpassing_supply_in_dc_area_home_market/1207.

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