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Supply still down in DC creating a strong seller market

01/05/2016

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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 …

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