Supply still down in DC creating a strong seller market

  • Median days on the market drops to seven or eight days in a number of D.C. neighborhoods.
  • Condo/co-op sectors leads the way in terms of sales activity.
  • Median prices for townhomes and detached homes continue to increase by double digits year-over-year.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Recent pending sales data suggests home buying activity in Washington, D.C. should be up on a year-over-year basis during early 2016. While activity and pricing vary by for-sale segment, DC should continue to motivate sellers this year. In November, there were 714 new pending sales in the district, an 8.7 percent year-over-year rise, according to data from Real Estate Business Intelligence (RBI). Leading the way was the condo/co-op sector with 336 pending sales, which equated to a 25 percent year-over-year jump. While detached homes and townhomes have recently escalated in value, condo values have remained relatively unchanged on a year-over-year basis, sitting at $435,000. Being that this product type represents the most affordable housing option in the district, it's no surprise the segment accounted for nearly half of all pending sales in November. Entering December, there was 2.1 months of condo supply, according to analysis of RBI data by the Greater Capital Area Associ...