D.C. Population Set to Break 600,000 Mark

I just heard on ABC (Channel 7 here in DC) that our population here in Washington DC is increasing and is going to break 600,000!!! This is the first time in decades to be at this population. See post below from the ABC web site (http://www.wjla.com/news/stories/1209/691770.html) Also noted was there are fewer people applying for Drivers Licenses here in "The District". This proves my point to new buyers that a parking space is no longer "required" as it was in the past here in DC. The metro continues to grow as do neighborhoods around metros; lessening the need to have a vehicle. Times are good here in DC!!!!!! -Lance


D.C. Population Set to Break 600,000 Mark

posted 12/31/09 9:28 am

WASHINGTON, D.C. - Washington D.C.'s population is set to break 600,000 again.

Recently released Census Bureau statistics show the city had an estimated population of 599,657 as of July 1. That's nearly 9,600 more than the previous year. It's also the first time in decades that the city has not had a net population loss as residents moved into the suburbs or elsewhere in the country.

The city will get an official head count with the 2010 Census, but the most recent count is the city's highest since 1991 when it was approximately 601,000.

893....can you believe it???

Yep,.....893!

That is the number of ACTIVE Condos for sale in Washington DC today in the MRIS. This is the first time we have seen the number drop below 900 FOR MANY YEARS!!!

There are a couple reasons for such a low number....

1) LACK OF NEW CONSTRUCTION-New construction ceased several years ago but it has taken the past four years for us to absorb the extra surplus. Few Developers are working on or finishing projects currently and bank-lent money is limited (non-existent) for any new projects.

2) SEASON-This is typically a slow time to list your property so many sellers do not place their properties on the market at this time of year (November-February).

3) LENDING-Many want-to-be sellers have found they either will not get enough from the sell of their current property as a future down payment thus these potential "move-uppers" are stuck for the short term OR even if they have a down payment after selling their current property due to stricter lending many will not qualify for a larger mortgage. These people are stuck for the short term.

4) ABSORPTION- We had a VERY busy year in the DC condo market due to low interest rates, first-time home buyer incentives and stronger consumer confidence; thus many properties were absorbed both new construction and resale.

By the end of November 2009, we had almost 22% less listings than the previous year; down from 1436 in 2008 to 1129 in 2009. A trend continued in the other direction with almost 14% more CONTRACTS year to year from 2008 to 2009. And actual SETTLEMENTS were up by over 8% from 2443 in 2008 to 2640 in 2009.