4,000 fewer homes for sale in DC Metro Area in January
Families that are searching for a home in the DC Metro Area are finding a much smaller selection of available properties. Active listings of homes for sale in January were 4,000 less than were available in January, 2012.
There were 6,049 active listings in the DC Metro Area at the end of January, a drop of over 4,000 listings from January 2012. The inventory shortage continues to impact all property segments, with active listings down over 40 percent across the board. Townhomes have the lowest supply, and account for only 16.2 percent of all listings in the metro area. This is the lowest proportion on record for the region, with data available back to 1997. There were 4,004 new listings entered in January, down 4.2 percent from last year, and the lowest January on record. There was an influx of over 1,500 new listings from last month, but this is in line with seasonal patterns. The inventory shortage continues to drive down the median days on market relative to last year, which at 32 days is 25 days lower than January 2012. The average sale-to-list-price ratio is climbing, up to 96.0 percent from 93.0 percent a year ago. These statistics are from the regional multiple listing service (MRIS) and were compiled by RBI, RealEstate Business intelligence for use by real estate professionals and their clients.
Prospective home buyers need to be well prepared for multiple contract competition in preferred areas. Buyers that will need to use mortgage financing should obtain a pre-approval letter from their mortgage lender as an initial step in the home purchase process.
Buyers that fail to demonstrate their financial ability for a home purchase will not be given serious consideration by home sellers and their listing agents.
Please contact us if you need assistance with the selection of a mortgage loan officer that has a record of success in the local market.
Dahlia, Brookside Gardens, Imagination IMG_7426 A
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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