Piggy-backing on the Urban Turf article from June 23rd, Hillary Kelly with “Washingtonian” recently reported that average days on market has dropped to 9 days! She titled her article “They are Basically No Homes To Buy in Washington Right Now.” Interpret this headline loosely, as there are 428 single-family homes on the market, factor in 500+ condos and the 105 coops, puts you at 1000+ active listing in Washington D.C.
Put yourself in a position to react quickly and present a strong feasible offer. Work with an agent who keeps up with market, knows the neighborhoods and knows these listing.
Online house hunting has advanced tremendously over the years. Sites like http://www.Apartments.com, http://www.HomeFinder.com and Zillow have become popular destination for those beginning. Although convenient and free, it is not always the best solutions, partly because the data isn’t always accurate. Talk to a realtor, it’s easier that way.
Below is article
There Are Basically No Homes To Buy in Washington Right Now
Because they’re all being snapped up too quickly.
By Hillary Kelly | July 21, 2015
Photo by Todd Martin on Flickr.
On Monday, Urban Turf reported that Washington’s shortage of available homes on the market has now continued for a shocking six years. As they explained, “The benchmark of a balanced housing market is usually a six-month supply of homes on the market. The inventory of active listings for sale in the District has been below the six-month level since July 2009.” In other words, there have been too few homes on the market to meet demand since the second year of the Great Recession. And it’s getting worse.
They went on to explain that the shortage has depleted from approximately a five-month supply in 2010 and 2011, to a less than two-month supply in early 2015.
Chart via UrbanTurf.com
But the problem isn’t a substantial decline in the number of homes coming onto the market. Instead, it’s that demand in the District has soared so high that buyers are snapping up properties in shorter and shorter periods of time, reducing the number of available homes. As Urban Turf noted, “June marked the 18th month in a row that housing inventories rose in the area, and new listings were at the highest level for June since 2007.” Real Estate Business Intelligence, which supplied the data, reports that homes for sale in DC are on the market for a median of just nine days, and that the median price of homes sold has grown by 5.8 percent in the past year, from $520,000 to $550,000.
The lesson? You’ll need to be fast and flexible. It’s more crucial than ever to know what homes are being listed and to immediately place a bid if your dream house pops up on the market. Want to wait a week to think it over? You may be out of luck.