Washington DC Real Estate Market Hot This Summer

Washington DC Real EstateWhether it’s the heat index or the housing market, the numbers don’t lie: this July has been one of the hottest on record and it doesn’t appear to be cooling down anytime soon.

Most people think the summer means tank tops, flip-flops and the summer doldrums in real estate. In fact, Dwight and I have had some of our busiest weeks ever in the height of summer. Last July we had an amazing nine ratified contracts in just seven days between the two of us. This summer may be just as active, and the numbers are there to prove it.

The included graph of the 20009 ZIP code shows that sales are near their four-year highs, while the inventory of active listings is at a five-year low. Pending sales are up sharply over this time last year, as well. The District and the region show similar numbers. It’s simple supply and demand economics that indicates that low supply and steady demand will result in higher prices and quicker sales. And speaking of quicker sales, Washington now sees its average Days on Market at 48–by far the lowest in five years.

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Authored ByDavid Bediz – See the Full Story at The Washington Blade

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