You may have seen reports that housing inventory is low across the country, but it's something we've been experiencing in the D.C. market for several years.
According to reports, the national inventory of real estate is quite short. Many cities across the country are seeing bidding wars for homes created by buyers who want to buy the very few homes available on the market.
Here in the Washington D.C. market, though, we've had low inventory for several years. We currently have 1,280 properties for sale in the city, which is virtually the same number of properties we had available at this time last year. However, the interesting thing is that the number of sales increased 18% this February compared to last February.
Available inventory is the same, but sales were up 18%.
There are a lot of homebuyers competing for the low number of houses available out there. In fact, 800 properties sold within the city boundaries this February.
As we move out to Montgomery County, we see that inventory has gone down by 15% over this same time last year. This has created a more seller-friendly market than we've had in Montgomery County in many years. Currently, there are 1,800 homes for sale in Montgomery County, and interestingly enough, we've seen an 11% increase in condo sales this February over last February. The increase in single-family home sales was 3% in the same time period.
Hopefully, this gives you a clearer picture of what inventory looks like in the D.C. market. If you have any questions for us or you're looking to buy, sell, or invest in real estate, don't hesitate to give us a call or send us an email. We'd be glad to help you.
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