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 March 2020
Dated: May 5 2020
Every Monday, The Hybrid Agent examines local real estate market statistics. This week, the focus is on the Washington DC Region for March 2020. 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 March 2020, there were 1,192 New Listings, down 3.4% from March 2019 and a total of 1,299 Active Listings. Additionally, there were 796 New Pendings, representing a 18% decrease from March 2019 and a total of 1,063 Pendings.
The next statistic we like to look at is Pricing Trends across the different Home Types - Detached, Townhome & Condo. For March 2020, the Median Sale Price for All Detached was $853,500 which is a healthy 5.4% increase from March 2019! The Median Sale Price for All Townhomes in March 2020 was $729,650, a 3% decrease 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 $530,500, a 9.8% increase over March 2019.
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 33 days in March 2020, 6.5% above the March 2019 average. Detached Homes came in at 35 days and Townhomes at 28 Average Days on Market, 16.7% and 12.5% below March 2019, 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 99.6% for Townhomes and 98.4% for Detached homes for March 2020. Condos came in at 99.1%, a 0.8% increase over March 2019.
Typically, the spring months of March, April & May are the three best months in the Washington DC Region for real estate. However, as one can see from the data, the March 2020 Washington DC Region Real Estate Market gave us mixed results as we head into the 2nd month of the COVID-19 quarantine. There is strong data for both Pricing Trends and Average Days on Market, but there is concerning data related to Inventory. Some experts point directly to the low interest rates as the primary support for these numbers during this pandemic while other experts point to changes in the Washington DC Region Labor Force. Regardless of their reasons, we are hopeful that the Spring market is simply delayed by the COVID-19 quarantine and that this delay does not negatively impact a full years cycle in residential real estate. We are eagerly awaiting April numbers and will report on those as soon as we have them.
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! Our focus on technology as the primary enabler in the new normal for real estate gives us a distinct advantage when representing our clients! Let's move!
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