October 23, 2015 | Isabella Schnider
Data shows that the habitually low supply of homes for sale in Washington D.C. is on the rise.
Data proves that for the first time in a year, the inventory of homes on the market in Washington D.C. rose above a two-monthly supply in September. Along with the increasing inventory, we can predict that the buyer demand may be dropping off ever so slightly as we make our way into the holiday season. According to the MRIS, for virtually all of 2015, there has, on average, been more than one pending contract per active listing in the city. That ratio below 1.0 last month.
Another sign that the inventory is on the rise is that we see the supply of homes for sale has risen every month in 2015. As we know, the benchmark of a balanced real estate market is typically a six-month supply of homes on the market – so there is still room for improvement. The inventory of active listings for sale in D.C. has been below the six-month level since July 2009.
Source: UrbanTurf, MRIS