With 2014 closing out as one of the most stable in recent history for the Washington, DC real estate market, many market experts are looking forward to an even better year in 2015. Based on data and trends gathered throughout the last year, there is a healthy dose of good feelings concerning the condo market in 2015. Here are a few trends to look out for:
Inventory will rise
One of the biggest detractors for the Washington, DC housing market as a whole has been a lack of available inventory for home buyers. In looking at data from the last few months of 2014 however, it’s reasonable to believe that inventory will be on the rise throughout 2015, giving buyers a better chance at finding that perfect home.
According to the Washington Post, which cites data from Rockville-based multiple-listing service MRIS, listings of Washington, DC homes gained through the fall and well into the winter, which is typically a time when inventory falls greatly. In addition to more home owners putting their homes up for sale, builders are working nearly around the clock throughout the metropolitan area on mixed-use developments such as CityCenterDC, bringing many more new condo units to the market in the process.
Prices will rise, albeit more slowly
Throughout 2014, strapped inventory created a heavily skewed sellers market which prompted strong home price gains. With a rise in inventory expected in 2015, home owners looking to sell their condos or single-family homes will be competing in a larger market. As a result, buyers can expect to see an easing of the home price increases that plagued 2014 and a greater opportunity to score that perfect home.
Another phenomenon that is meant for big waves on the real estate market is the decreasing interest rate on mortgages. In 2015, home buyers can expect to see these low rates rise ever-so-slightly, however restrictions on mortgages are easing and requirements for down payments are easing as well, making conditions much more reasonable for first-time and return home buyers.
Downtown will continue to thrive
With the housing outlook predicting a more hospitable market for first-time home buyers, the condo market stands to heat up as well. Condos are a great option for home buyers wanting to still live in the hot areas of the city such as downtown and other areas convenient to the Metro.
MRIS reports areas that are rich in condo units such as Brookland, the region east of Capitol Hill and the H Street Corridor as three places that are going to be very buzzworthy on the local real estate market.
This coming year is going to be a great one for local real estate. If you are interested in learning more about the Washington, DC condo market, please feel free to contact me today.
http://www.thecondohub.com/blog/what-washington-dc-condo-buyers-can-expect-2015
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