According to GCAAR*  “The average days on market (in DC) was down 21.4% compared to April 2013.  The median price for condos remained flat with no change over April 2013, but single-family homes saw a 8.9% increase. Inventory increased 13.6% in April for condos, but supply for single-family homes remained tight as inventory decreased by 5.7%. Contracts increased slightly, 0.9% for condos, and 2% for single-family homes.”

What does this mean for Sellers and Buyers?  In April 2013 homes/condos were on the market for 42 days, this decreased to 33 days in April 2014. Even though inventory is increasing for condos, they are selling faster than a year ago. Single family home prices are rising faster than condos.

*GCAAR is the Greater Capital Area Association of Realtors