Despite the groundhog seeing his shadow and the fact that I’m watching sleet and snow pile up outside my office window, we’re quickly heading toward March, the spring, and what’s typically a busy real estate season. If you’ve been thinking about jumping into the market as a buyer or seller, this is the place to be for the latest on the market. So buckle up for a trip through the January 2021 real estate numbers in the region.
Throughout the area, shifting buyer demands continue to point toward the outer suburbs, while D.C., Arlington, and Alexandria are enjoying more inventory than last year at this time. But don’t let that fool you into thinking you can get a steal close to the district, because prices are up as well, according to MarketStats by ShowingTime—statistics from Bright MLS, our local multiple listing service.
In Washington, D.C., Arlington County, and Alexandria City, the number of active listings last month was way up from January 2020. In Arlington, active listings for were up 140 percent over the same time last year. Inventory was up 73 percent in Alexandria City and 17 percent in Washington, D.C.
But prices were up over the same period, too. In Washington, D.C., average sale prices were up 2.3 percent. Alexandria City saw a 7.2 percent jump, and surrounding counties were even better. Check out these numbers—all increases last month compared to January 2020: Fairfax County, 9.2 percent; Prince William County, 11.5 percent; Montgomery County, 7.8 percent; and Prince Georges County, 8.9 percent.
Now, there’s this little anomaly for Arlington in January, indicating that average sale prices were down 26 percent compared to January 2020. But Arlington had an outlier last year that skewed the numbers to the tune of $45 million. It was one heck of a home sale. You can read about that here.
One of the ways we typically like to track demand in an area is to chart the number of days on market to see how quickly those homes are snatched up. The data is showing the bulk of properties are sold extremely quickly throughout the area—particularly in those farther flung counties that have seen an increase in demand in recent months.
In Prince William County in January, 68 percent of homes sold in 10 days or less. In Prince Georges County, 56 percent sold that quickly. Montgomery County saw 53 percent of its sales in 10 days or less, and in Fairfax county, that number was about 50 percent. Though prices are still very strong, only 38 percent of Washington, D.C. homes sold in 10 days or less; in Alexandria City, the number was 37 percent; and in Arlington County it was 31 percent.
So, we’re now poised to dive into the early spring and see what kind of changes might happen. Inventory typically increases in the spring along with the number of home shoppers. Where that balance might fall is anyone’s guess, particularly in the wake of last year’s challenges.
Whether you’re looking to buy or sell this spring, the best decision you can make is ensuring you’re on top of the market with knowledgeable and strategic minded agents to navigate this very competitive market.
If you’re buying, we work to get you in fast and help you assemble the most competitive offer we can. Regarding offers, here’s an instructive piece about what sellers should look for when receiving a contract. If you’re a seller, you want us in your corner. Our comprehensive, full-service efforts include professional photography, a detailed pricing consultation, dedicated website for your home, professional brochure, open houses, and more. Our listing fee is 4½ percent.
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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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