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 October 2020
Dated: December 14 2020
Every Monday, The Hybrid Agent examines local real estate market statistics. This week, the focus is on the Washington DC Region for October 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 October 2020, there were 1,667 New Listings, up 9.6% from October 2019 and a total of 2,017 Active Listings. Additionally, there were 1,003 New Pendings, representing a 12.4% increase from October 2019 and a total of 1,268 Pendings.
The next statistic we like to look at is Pricing Trends across the different Home Types - Detached, Townhome & Condo. For October 2020, the Median Sale Price for All Detached was $1,100,000 which is an astounding 24.2% increase from October 2019! The Median Sale Price for All Townhomes in October 2020 was $805,000, an 11.8% 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 $500,000, a 1.0% increase over October 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 have the highest Average Days on Market with 33 days in October 2020, 6.5% above the October 2019 average. Condos came in at 25 days and Townhomes at 16 Average Days on Market, 3.9% and 23.8% below October 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 reached yearly highs at 101.0% for Townhomes and 101.3% for Detached homes for October 2020. Surprisingly, condos came in at 98.9%, a 0.1% decrease from October 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 October 2020 Washington DC Region Real Estate Market gave us some of the best results in over a year as we head into the last weeks of 2020. There is strong data for both Pricing Trends and Average Days on Market, but there is 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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