Eckington By The Numbers || Weekend 02.25.2023

A few notes about the numbers. This week in Eckington the active listings are up from 27 to 29 with 3 closings taking place in the 30 days. In our industry, most major indicators are down year over year, but the big issue that we’re facing is that demand is outpacing supply, with activity only down 18% from a very busy February of last year. We always struggle with a limited supply of homes in DC, so this is nothing new to us. If demand stays up and supply stays limited then logic says Sellers can get their homes sold for the right price. I believe that is what we are seeing right now.

30-year fixed rates went up for the second week in a row, from 6.12% to 6.32%. Rates are one of the biggest factors that keep folks from listing their home because those sellers then need to buy. Over the last months, most questions Alex and I receive are about the rates and mortgage products.