AgentMarkets & Economy

Available homes in DC on the rise in March

Market conditions suggest now is a good time to sell in the district
  • The volume of closed sales in the district during March were up by 12 percent year-over-year.
  • The median sales price of a district-area home was relatively unchanged from March 2015 to March 2016.
  • The district's condo/townhouse sector is seeing the biggest shift in buying activity this spring.

Washington, D.C.'s for-sale housing inventory is starting to build during a period of increased sales activity. At the end of March, supply in the district was up by nearly 22 percent year-over-year, reaching roughly 2.5 months, according to data from Metropolitan Regional Information Systems (MRIS). An estimated 1,261 new listings hit the market last month in Washington, D.C., the primary reason for this inventory growth. The new listings figure for March equated to a more than 27 percent year-over-year rise in activity. According to Andrew Strauch, vice president of MRIS, more district residents mulling over whether to list their home will lean toward selling in the coming months thanks to a flattening out of home prices, future interest rate hikes and increasing sales activity. Last month the median sales price of a district-located home stood at $506,000, which was up only slightly from the $500,000 figure seen in March 2015. The volume of closed sales in March w...