Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for December 2019.
The 2020 spring market has already started! The buyers are out there looking for their dream homes (the stats show an increase in buyer activity from this time last year). So, if you are thinking of selling, 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 are thinking of buying a 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!
• 16,455 homes went under contract in the region. This is up (15%) from the same time period in 2018.
• 28% of the homes that went to settlement in December 2019, sold in 10 days or less from when they hit the market.
• Average sold price was $354,094 (up 6% from the same time period in 2018).
• 15,573 homes came on the market. That’s down 0.7% from December 2018.
• Homes that sold (closed) averaged 48 days on market, 6 days faster than in December of 2018.
• There is currently a 2.1 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 50,094 homes for sale (townhouse, condo and single family).
Additional Year-End Stats – 2018 vs 2019:
Average sold price increased by 4.05% ($338,130 vs $351,834)
Total units sold increased by 3.8%
Average sales price to original list price ratio remained the same – 97%
OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. No major changes during December but like last month, the number of homes that went under contract and the number of homes to hit the market decreased (which is not unexpected during the holiday season).
As we look back at the past year, the 2019 real estate market was healthy bolstered by conditions like the strong economy, low interest rates and low unemployment. We saw an emergence of what we call a “segmented” market…the more affordable price points were definitely in a Seller’s Market as inventory was low, homes were selling much faster and we saw some appreciation in prices, while the upper-end price points in some areas experienced a more Balanced Market (even Buyers Market in some areas). Prices did not appreciate and properties sat on the market longer. We believe this segmented market continuing through 2020.
Buyers and Sellers…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.
To see what the conditions are like in your community, click on the link to your desired city below!
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).