The March numbers are in and they show a very strong and healthy housing market in our area even with COVID-19. Buyer demand continues to outstrip housing supply and homes are selling extremely quickly and in many cases with multiple offers above asking prices.
The story going forward farther into the Spring we believe will be continued purchaser demand and a decrease or flattening in supply of available homes as Sellers are delaying plans to put their home on the market pending the ongoing COVID-19 situation. (Historically at this time of year we experience a spike in supply.) This will favor active Sellers because of less competition and buyers will continue to need to be pre approved for financing and be ready to act quickly.
Many people still need and want to buy and sell and our industry continues to adjust how we do business to safely and successfully serve the needs of all. Real estate continues to be a bright spot in our local economy.
Mid-Atlantic Region
• 25,436 homes went under contract in the region. This is down (8.1%) from the same time period in 2019.
• 40% of the homes that went to settlement in March 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $367,571 (up 8.8% from the same time period in 2019).
• 32,161 homes came on the market. That’s down 12% from March 2019.
• Homes that sold (closed) averaged 49 days on market, 6 days faster than in March of 2019.
• There is currently a 2.0 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 47,249 homes for sale (townhouse, condo and single-family).
OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. As expected given the current Coronavirus pandemic, the number of homes that went under contract and came on the market were down 8.1% and 12% respectively from the same time period last year.
So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market! If you need to buy a new home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true!
To see what the conditions are like in your community, click on the link to your desired city below!
Vienna: March 2020 Home Sales
Oakton: March 2020 Home Sales
McLean: March 2020 Home Sales
Great Falls: March 2020 Home Sales
Reston: March 2020 Home Sales
Falls Church: March 2020 Home Sales
Arlington: March 2020 Home Sales
Alexandria: March 2020 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
Northern Virginia Real Estate Blog 