John Matthews
WMAL.com
WASHINGTON (WMAL)– Home sales in March in the DC area reached their highest levels for the month since 2010, with new listings up by 20 percent compared to a year ago, and inventory on the market up 8.4 percent. Prices were flat – actually down three-tenths of a percent.
Andrew Strauch, Vice President of MRIS, a regional real estate research firm, says the rise in listings can probably be attributed to better weather and the continuing growth of millennials in the market.
“They’re getting older. They’ve been significantly on the sidelines as compared to other generations in the past, but as they get older, life events kick into play, says Strauch. “They’re getting married and starting to think about kids, so I think they’re also entering the market,” he adds.
Since they are primarily first time buyers, millennials are snapping up town homes and condos, which saw sales jump 4.1 and 6.1 percent, respectively, in March, as opposed to single-family detached homes, which saw sales drop by half a percent.
Home sales are now entering the busiest period of the year between now and mid-July, as people seek to shop in good weather, and to get moved before the kids start school in the fall. Strauch says he expects sales to continue to grow, with prices remaining relatively flat as more houses enter the inventory. The flat prices won’t make home sellers very happy, he says, but it does ease any concern of a housing bubble developing.
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