New listings in DC area finally perk up

WASHINGTON — Overall inventory, or the number of residential properties on the market in the Washington metro area, remains lower than year ago levels, but the bright spot is a jump in new listings in June.

Listing service Bright MLS says total active listings throughout the D.C. area in June was 7.3 percent lower compared to June 2016, and total inventories remain below both the five-year and 10-year average. Historically, the total number of active listings on the market in June was down more than 59 percent from the peak in June 2008.

The District was the only exception when measuring the total number of active listings in June. It was up almost 17 percent from a year ago.

But more buyers appear to have decided it was time to put their house or condo on the market last month.

New listings in June rose to the highest level for a June since 2006. The year-over-year gain was led by more townhomes and condos coming to market.

“That’s basically saying ‘Hey, the price has been going up,’ and people have said ‘you know, it’s probably time to put my house up for sale,'” Andrew Strauch at Bright MLS told WTOP.

“Is there inventory for different types of buyers that are looking in the city?” he said. “And the answer is yes, it’s up across most of the price bands that we have in our data.”

Bright MLS said while total active inventory is still historically low, new listings in June were above both the five-year and 10-year average. The number of new listings in June was up nearly 40 percent from the 10-year low in 2012.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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