The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the
Market Monday Real Estate Statistics For Washington DC Region November 2020
Dated: January 5 2021
Every Monday, The Hybrid Agent examines local real estate market statistics. This week, the focus is on the Washington DC Region for November 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 November 2020, there were 1,055 New Listings, up 20.9% from November 2019 and a total of 1,861 Active Listings. Additionally, there were 799 New Pendings, representing a 3.0% increase from November 2019 and a total of 1,179 Pendings.
The next statistic we like to look at is Pricing Trends across the different Home Types - Detached, Townhome & Condo. For November 2020, the Median Sale Price for All Detached was $982,500 which is a huge 19.8% increase from November 2019! The Median Sale Price for All Townhomes in November 2020 was $824,500, a robust 14.5% increase over the same time last year. The gap between Detached homes and Townhomes grew closer 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 $505,000, a 3.3% increase over November 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. Detached Homes Average Days on Market is 24 days in November 2020, a 7.7% decrease from the November 2019 average. Condos rose to 31 days and Townhomes held steady at 17 Average Days on Market, a respective 6.9% jump and 34.6% drop from November 2019.
Finally, we like to look at the Average Sold Price to List Price ratios across the various home types. As you can see, these dropped slightly from the October yearly highs at 99.4% for Townhomes and 100.7% for Detached homes for November 2020. Surprisingly, condos came in at 97.8%, another monthly decrease, 0.6%, from November 2019.
Typically, the fall market, September, October & November, is the second best time to sell your home in across the Washington DC Region. However, as one can see from the data, the November 2020 Washington DC Region Real Estate Market again gave us some of the best results in over a year as we head into 2021. There is still strong data for both Pricing Trends and Average Days on Market, but there is continuing concerning data related to Inventory in that there is simply not enough Inventory to deal with the pent up demand. 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 coming Spring market provides inventory relief to the Region and Buyers looking to move who could not find their property of choice in 2020 in addition to maintaining historically low interest rates.
If you are thinking of buying or selling in 2021, 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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