On Friday, UrbanTurf looked at three real estate metrics that might determine the trajectory of the fall housing market in the DC area. One of those charts focused on the inventory of homes for sale (or lack thereof). Today, we dive a little deeper, examining the DC neighborhoods where the supply shortage is particularly acute.
For the second quarter of the year, the markets in American University Park, North Cleveland Park and Takoma had essentially a three week’s supply of homes for sale. What that means is that if no new listings came on the market, at current demand levels, the inventory of homes for sale would be zero in a few week’s time. Chevy Chase DC offers a bit more breathing room with a six-week supply of homes for sale.
The supply of homes for sale in Washington, DC came in above two months, higher than it has been in recent quarters, but still well below the six-month benchmark that is illustrative of a balanced market between buyers and sellers. The greater DC region, however, continues to feel the inventory pinch, as active homes for sale dropped off 20 percent in August.