The month of June for the regional housing market was marked by a significant increase in pending sales and a home supply trying to keep up. The result? Homebuyers across the city were competing for the same homes.
With the help of ShowingTime, UrbanTurf examined one of our favorite metrics regarding competition in the market to find the neighborhoods where homes for sale are attracting numerous bidders.
For this article, UrbanTurf analyzed the contract ratio for advertised subdivisions in DC. Contract ratio compares the total number of homes under contract in a given period to the overall number of active listings. A higher ratio signifies an increase in contracts compared to supply. For example, a ratio of 1.2 means there are 1.2 listings under contract for every listing that is active. In June, there were twenty neighborhoods in DC where the ratio was above 1.0.
Leading the way in June were Brentwood and Deanwood where the contract ratio exceeded 2.7. AU Park, Forest Hills, Marshall Heights, Glover Park and Woodridge all had ratios above 1.5. In most of these neighborhoods, there was less than a month’s supply of homes on the market. Other neighborhoods with a high contract ratio include Chevy Chase, Petworth, Shepherd Park, Anacostia and Capitol Hill.