"The Five DC Neighborhoods With a One-Month Housing Supply"
For the real estate market to be even/normal there needs to be six months of housing (Inventory) supply. That has not been the case in DC for many years, and that is why I thought this article might interest you:
Urban.Turf.com Staff - 9/7/18
"This fall, there will be a number of questions about the DC housing market that will determine its trajectory. Will rising rates and prices dampen buyer demand? Will the market swing back in favor of buyers, as a result? And will the long-running inventory shortage finally end?
Today, we address (a part) of the last question by looking at the five neighborhoods in DC where the inventory of homes for sale is hovering around a month or less.
For the second quarter of the year, the markets in Brightwood, Randle Heights and Takoma have all essentially had a month’s supply of homes for sale.
What that means is that if no new listings came on the market, at current demand levels, the inventory of homes for sale would be zero in a month’s time.
In AU Park and Burleith, the market shortage is much more acute. In both these areas, there has been just about a three-week supply of homes for sale for the last three months.
With prices reaching record highs over the summer and anecdotal evidence that buyer demand is softening, sings are pointing toward inventories increasing and thus buyers having more options. Still, it is important to remember that a six-month supply is the benchmark for a balanced market and we are still a long way from that level in much of the city." *
* I will believe it when I see it!
So why are you waiting to buy if you need to or want to?! Please let me know if you have any questions. I am here to help.
Cheers,
Federico
Federico P. Glücksmann
Realtor - DC & MD, Coldwell Banker Georgetown
C. 202 746 9336 | O. 202 333 6100 | F. 202 478 0990
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