Was May Actually A Busy Month For The DC Housing Market?

• June 5th

by UrbanTurf Staff

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It actually looks like May will be a pretty brisk month for the DC housing market. 

The latest weekly market report from Bright MLS finds that home sales were up 17% in the District last week compared to the same time last year. The previous week, sales were up 11%.

"Pending sales were up across most of the greater D.C. region but buyer activity was particularly strong in the District of Columbia, where the number of new pending sales was 17.1% higher than a year ago," the report stated. 

So what is spurring the flurry of activity? Probably the same combination of factors we mentioned last week -- sellers dropping their prices and more inventory for buyers to choose from. About 9% of sellers in the city reduced their listing price for the week ending June 1. 

"1,950 new listings came onto the market across the DC region [last week], a 5.7% increase over a year ago and a 1.7% bump in new listings compared to the week prior," the Bright report stated. "By contrast, in the overall Bright MLS service area, new listings were up only 2.9% year-over-year and fell by 5.0% week-to-week."

A report on the full May market in the region will be out next week, but we predict that it will also show a pretty active market for the region last month. 

Photo by Paul Burley.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/was_may_actually_busy_for_the_dc_market/23574.