As home prices remain steady or a little higher over last year at this time, inventory is still drastically down throughout the D.C. real estate region, bolstering a now longstanding seller’s market.
Different parts of the region appear to be competing for the lowest inventory, with Prince William County getting the top prize for June, as inventory was down about 60 percent over June 2019. Fairfax County and Montgomery County inventories were about 40 percent lower than a year ago. Prince Georges County inventory was down 43 percent, while Washington, D.C. was down 8.5 percent and Alexandria City inventory was down about 3.4 percent.
Arlington County, on the other hand, had about 14 percent more properties active than the same time in June 2019.
With inventory remaining so low and competition high for available properties, home prices are still either steady or slightly up from last year at the same time. The average June sale price for homes in Fairfax County was up 3.2 percent, while Alexandria City prices were up about 3.9 percent. Washington, D.C., prices were up 5.6 percent, while Prince Georges County and Prince William County prices were up 10.6 percent and 8.6 percent, respectively. Montgomery County prices showed little change, with prices up slightly but still less than 1 percent over June 2019.
All of these forces combined have made for extremely competitive bidding wars among buyers—a trend we’ve seen personally over the past few months. Properly priced homes continue to fly off the proverbial shelves.
In Fairfax County, 60 percent of home sales occurred in 10 days or less, and 81 percent of homes sold in 30 days or less in June. Arlington County remained hot as well, with 63 percent of sales coming in first 10 days, and 79 percent in a month or less. In Alexandria City, a whopping 85 percent have sold in 30 days or less on the market—with 62 percent selling in 10 days or less. About half of Washington D.C., homes sold in 10 days or less, but nearly 70 percent were within a month in June. In Prince William County, 55 percent sold in 10 days or less, with 79 percent moving in a month. Montgomery County and Prince Georges County both saw about 46 to 47 percent selling in the first 10 days, with about 70 percent selling within a month.
So, the dearth of listings continues. But despite uneasiness from the COVID-19 lockdown and its impact on the economy, the virus doesn’t seem to have negatively affected prices. Still, it could have given sellers pause in putting their homes up for sale. Historically low interest rates are also contributing to the competitive buyer atmosphere.
That’s where we come in. Whether it’s jumping into a bidding battle with other buyers and presenting the strongest offer possible, or ensuring your home is priced right to go on the market, we’re here to provide smart, sound solutions. Make sure you have strong advocates in your corner to navigate the process and do their very best to come out on top.
Christopher Prawdzik and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria and are members of the Northern Virginia Association of Realtors® Top Producer’s Club. 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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