What Did The D.C. Market See in 2013?

What Did The D.C. Market See in 2013?

Now that we are in early 2014, I wanted to look back and review 2013. Clients have been asking how I would characterize 2013; I would call 2013 a growth year. I say this because more homes were sold and approximately 20% more condos and co-op apartments were sold. Depending on your community, the past 2-3 years have shown a serious decline in inventory but now it has stabilized. However, we are saying that 2013 was the first year where we haven’t seen a 20-30% drop in inventory and are still currently in a low inventory market.

For the apartments and co-ops in the city, the number of units sold was up 20.6%. That is serious movement! For single family homes, 9% more were sold in 2013. In essence, the big pieces of news to take away are that inventory has stabilized and the number of transactions has risen. We are currently analyzing the rates, the REO's and the builder updates to get the information out to you.

Thanks and have a great day!