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.
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.
2017 ended with a bit of a whimper, as contract activity on our region’s real estate market cooled off along with the weather. But it was an overall solid year, with Washington, D.C. continuing to outpace its suburban neighbors. What’s ahead for 2018?
We’ll put our forecast into three categories: Steady State, the Wildcard and the Tantalizing Possibility.
D.C. will focus on affordable housing this June, with solicitations for developers to build 25 new properties, an action plan for maintaining housing subsidies set to expire in 2020, the city’s annual housing expo, and a roundtable discussion on housing data. (via Greater Greater Washington)
The dearth of available affordable housing in urban areas has numerous causes, but subsidy programs have yet to really move the needle. The real solution? Substantially increase housing supply to lower prices. (via Greater Greater Washington)
3 factors to help decide whether to rent or purchase a home (via Forbes)
McEnearney Market in a Minute (April 2016): “We’ve seen something in the first quarter of the year that we’ll be keeping a close eye on. For the first time in a long time, new contract activity for areas of Northern Virginia inside the Beltway is down while those outside the Beltway are higher. We’re not convinced that three months of activity is enough to say there’s a trend, but it’s possible that the higher prices of close-in communities are causing some buyers to look elsewhere. Stay tuned.”
Click here to read the entire Market in a Minute report for Northern Virginia, here for Washington, D.C.