Welcome to our monthly post of home sale statistics for our region and some hyper local markets!
Below you will find the numbers for May. Please call or text The Belt Team at (703) 242-3975 or email firstname.lastname@example.org to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!
• 31,155 homes went under contract in the region. This is up (10.02%) from the same time period in 2018.
• 31% of the homes that went to settlement in May 2019, sold in 10 days or less from when they hit the market.
• Average sold price was $368,854 (up 4.35% from the same time period in 2018).
• 41,647 homes came on the market. That’s up 1.42% from May 2018.
• Homes that sold (closed) averaged 59 days on market, 3 days slower than in May of 2018.
There is currently a 3.0 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 67,332 homes for sale (townhouse, condo and single family).
OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. We saw a slight increase in the average sales price from last month and the number of new listings that came on the market decreased by over 21,000.
We’ve said it before….the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).
So, if you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price! So, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly.
Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…
To see what the conditions are like in your community, click on the link to your desired city below!