February 29, 2016 | Isabella Schnider
D.C. listings are expected to sell faster and at a higher price in 2016. According to Elliot Eisenberg of RealEstate Business Intelligence, the market is reaching a point where inventory has virtually stopped increasing.
The number of active listings in January 2016 rose 4.1 percent year-over-year, a major difference from 2015’s difference to 2014. In January 2015, the year-over-year growth was 17.9 percent, while in January 2014, the year-over-year growth was 11.5 percent.
Elliot Eisenberg attributes this sharp decline in growth to historical cycles and sustained buyer demand. He expects the inventory growth to turn negative by mid-year and last for 18 months.
So what does this mean for the regional housing market? This means good news for sellers. Homes will be spending less time on the market and prices will increase based on low supply and high demand.
Source: UrbanTurf, DC Curbed