If D.C. real estate watchers expected a dramatic dip in home sales and a slowing market in March, it didn’t materialize according local sales data from MarketStats by ShowingTime. Of course, market indicators likely will lag a bit, and dramatic changes could be on the horizon for April and May in particular, but March numbers revealed a continuing trend toward robust sales throughout the region.
In the hotbed that has become Arlington County, the average sold price in March was $637,450, more than 12 percent higher than in March 2019. In addition, the number of Arlington units closed in March was up by more than 11 percent over the same month in 2019.
Alexandria City also performed well above its March 2019 numbers, with an average sold price of $646,734, a 9.4 percent jump over last year.
The same goes for Fairfax County, with an average sales price up about 8.6 percent over March 2019 at $631,053.
In recent months, Washington, D.C. have leveled off, with their average sold price up just 0.45 percent over March 2019. Still, sales remain robust with 819 units sold last month—21 percent more than sold in March 2019.
Moving a little farther out in Virginia, Prince William County also came in as a strong seller market, with the average sold price up nearly 10 percent over March 2019. For buyers experiencing sticker shock closer to Washington, D.C., the average Prince William sold price last month was holding at $432,656, which for some is a bit more manageable.
Montgomery and Prince Georges counties in Maryland also made strong March showings. Montgomery County’s average sold prices were up 5.9 percent over March 2019, and the average sold price in Prince Georges County was more than 10 percent higher than March of 2019.
Another continuing trend is quick sales for properties once they hit the market. In Arlington County, for example, the average days on market in March was just 18, compared to 25 days in March 2019. To add even more perspective, 70 percent of the 224 homes sold in Arlington last month did so in 10 days or less.
Alexandria City had an even swifter sale period, with the average days on market at just 15, compared to 22 in March 2019. Fairfax County averaged 19 days on market, while Prince William averaged 22 days.
In D.C. properties averaged 31 days on market in March, similar to the 33 days on market average in March 2019. Montgomery and Prince George’s counties came in at 34 and 38 days, respectively—both well below their averages from March of 2019.
Of course, the future remains a bit of a question mark. We’ve never experienced such a shutdown of commerce so quickly and (nearly) completely. It’s hard to tell mid-month, but the closings are still happening. At mid-April, 83 sales had closed in Arlington, while 105 had closed in Alexandria City, according to BrightMLS.
It will be interesting to note the changes over the next couple of months, as the economy reopens and people return to a bit of normalcy. For the time being, we’re just watching the progress and gearing up for what is hopefully a positive market for both buyers and sellers as we move toward the summer.
Christopher Prawdzik, an Accredited Staging Partner® Real Estate Agent, and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria. Operating as D.C. Region Real Estate, they serve the Virginia, Washington, D.C., and Maryland real estate market and offer comprehensive real estate services, including 4½% full-service listings.
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