It’s impossible to research the subject of buying a home without coming across a headline declaring that the fall in home affordability is a crisis. However, when we add context to the most
Market Monday Real Estate Statistics For Washington DC Region December 2019
Dated: January 21 2020
Every Monday, The Hybrid Agent examines local real estate market statistics. This week, the focus is on the Washington DC Region for December 2019. For these purposes, the Washington DC Region includes Washington DC & the following counties - Arlington, Fairfax, Prince William, Montgomery & Prince Georges.
Market Activity is a good place to start as it captures several key metrics - New Listings, Active Listings, New Pendings, All Pendings & Closed Sales. In December 2019, there were 545 New Listings, up 7.1% from December 2018 and a total of 1,249 Active Listings. Additionally, there were 562 New Pendings, representing a 3.1% decrease from December 2018 and a total of 868 Pendings.
The next statistic we like to look at is Pricing Trends across the different Home Types - Detached, Townhome & Condo. For December 2019, the Median Sale Price for All Detached was $919,000 which is a shocking 15.9% increase from December 2018! The Median Sale Price for All Townhomes in December 2019 was $749,900, a 5.6% increase over the same time last year. The gap between Detached homes and Townhomes grew further apart in the Washington DC Region as inventory and buyer preferences change. Lastly, Condo pricing continues to outpace last year with a Median Sale Price of $499,900, a 6.8% increase over December 2018.
Days on Market is a good indicator of Supply and Demand within a market and Washington DC is no different. There is a lot of similarity across the different Home Types when it comes to the Average Days on Market. Condos have the highest Average Days on Market with 34 days in December 2019, 10.5% below the December 2018 average. Detached Homes came in at 33 days and Townhomes at 30 Average Days on Market, 10.8% below and 3.5% above December 2018, respectively.
Finally, we like to look at the Average Sold Price to List Price ratios across the various home types. As you can see, these are tightly bunched between 97.7% for Townhomes and 96.5% for Detached homes for December 2019. Condos came in at 97.8%, a 0.6% increase over December 2018.
As one can see from the data, the December 2019 Washington DC Region Real Estate Market gave us fantastic results as we head into 2020! There is strong data for both Pricing Trends and Average Days on Market, but there is potential conflicting data for Inventory. Some experts point directly to the drop in interest rates as the primary trigger for these numbers while other experts point to changes in the Washington DC Region Labor Force. Regardless of their reasons, we enter Spring of 2020 with renewed energy and hope that the real estate market will continue its strong trend coming out of the Winter and we experience our traditional Spring boost in the Washington DC Region Real Estate Market.
If you are thinking of buying or selling in 2020, give The Hybrid Agent a call. We specialize in helping buyers and sellers maximize their real estate investments through our revolutionary Hybrid Real Estate Model and would love to help you with your next move!
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