State of the D.C. area real estate market: Where did all the listings go?

We’re now firmly in the spring market, and there’s one question that has emerged that’s pretty hard to avoid: What happened to listing inventory in the City of Alexandria and in Arlington County?

At the end of March, most of the metro area had roughly the same number of listings on the market as this time last year.  But in Arlington County, inventory is down 40%, and in the City of Alexandria, there were exactly half as many homes on the market.

Half.

Where did the listings go?  Contract activity is a little higher than last year in both of these areas. But it isn’t contract activity that accounts for the big drop in inventory.