Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for March.
Please call or text The Belt Team at (703) 242-3975 or email email@example.com 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!
Mid-Atlantic Region March 2019 home sales:
• 11,647 homes went under contract in the region. This is up significantly (30.59%) from the same time period in 2018!
• 26% of the homes that went to settlement in March 2019, sold in 10 days or less from when they hit the market.
• Average sold price was $404,518 (up 2.6% from the same time period in 2018 when it was $394,114)
• 20,338 homes came on the market. That’s down 1.4% from March 2018.
• Homes that sold (closed) averaged 70 days on market, 11 days faster than in March of 2018.
• There is currently a 2.5 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 28,094 homes for sale (townhouse, condo and single family).
OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The inventory continues to be low favoring sellers.
Let’s take a deeper dive into the numbers of our local market areas, and see if there continues to be segments that are experiencing a somewhat different market. The upper-end price points in some areas have been experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer. Whereas the lower price points have less inventory and homes are selling much faster.
To see what the conditions are like in your community, click on the link to your desired city below!
Remember…if you are thinking of buying and/or selling, 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. All of this data about the variances in different price ranges is a perfect example of why. If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.