DC’s Spring market this year is facing rising home prices and a lack of homes for sale. The housing environment in the city is taking a hit in a normally busy March as sales volume dropped 9% over March 2017 levels. This comes at a time when prices rose 3.8% to a median of $555,451.
“This is supply and demand forces at work, and it is hurting local real estate agents more than homebuyers,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “With prices making continued moves up, you would think there would be a healthy flow of sellers and their agents wishing to capitalize on the activity. DC’s March, however, shows 3.1% fewer listings coming online and 9% less inventory than the previous March.”
Tight inventory will most likely continue in the DC market for the next few months. Statistics show new listings are down 3.1% in the city, contributing to a short-term projected lack of supply.
What can agents do? “Two things really. Now is a time when you target potential sellers to take advantage of the demand-supply deficit,” continued Gerard. “The other thing to do is introduce other spillover markets in suburban Maryland and Northern Virginia. It’s the same reason our internal Workshops program is putting our agents out into mobile locations in Maryland, Northern Virginia and Baltimore City (starting next month).”