February 2020 Housing Market Update

FEBRUARY 2020
Data as of March 5, 2020

DC Metro: February Home Sales and Median Prices

SUMMARY

Please note: Data in this report covers February 1st – 29th, prior to the March 2020 interest rate changes.

The metro area hit a ten year February high on median home sales price as townhomes ($455.0K) hit their second-highest monthly median price ever in the past ten years. As well, DC Metro closings climbed to a February ten year high. The number of new listings improved +11.0% year over year, while days on the market fell to new lows for the month.

MEDIAN SALES PRICE

The metro area hit a ten year February high on median home sales price, and continued a four-year trend of February year over year gains, dating back 2017. Townhomes ($455.0K) hit their second-highest monthly median price ever in the past ten years, their best showing since June 2019 ($469.5K).

  • In Arlington, sales prices on detached homes ($1.14MM, +19.2%) and condos ($438K, +11.3%) hit an overall ten-year high as Amazon’s HQ2 begins to fill open positions. Overall, Arlington’s median home sales price saw its third-highest month in the past ten years, with gains across all residential housing unit categories.
  • Montgomery County recorded a February ten year high for the median sales price. However, it slipped -3.1% from January 2020’s mark of $450.0K as detached home prices were mostly flat year over year (0.8%). Townhomes were a crucial part of the month’s performance, with a +11.3% year to year gain.
  • Prince Georges notched a February ten year high on median sales prices, pushed up +8.0% year over year, as the median price of townhomes ($285K) rose 9.1%, while detached homes ($340.8K) improved 6.5%
  • The median sales price in the District stayed in line with a year ago. While pricing on detached homes improved +28.2% ($805K) and condos hit a new ten year high($ 501.6K, +6.7%) townhomes closed at a -4.1% lower median sales price ($680.6).

Median Sales Price for the Month vs. Same Month Year-Ago

Ten Year Trend: Median Sales Price

CLOSED SALES

DC Metro closings climbed to a February ten year high and saw their best January to February month to month performance (+13.0%)

  • Montgomery County closings rocketed +24.2% from a year ago to a new February high, propelled by a ten year February best in attached home sales (390, +43.9%). Closed sales in the county are on an eight-month streak of year-over-year growth.
  • A new February high in Washington DC attached home sales (533, 31.6%) drove a robust showing in the area and fended off softer results in single-family unit closings (93, -6.1%).
  • Fairfax County earned a new February high as detached home sales yielded a +13.3% bounce, while townhomes posted a +14.1% uptick.
  • Arlington’s lean inventory continues to reflect in the area’s number of closings, down -10.4%. It was the steepest year over year drop in the area.

Closed Sales for the Month vs. Same Month Year-Ago

Ten Year Trend: Closed Sales

NEW PENDINGS

A robust +11.4% gain in new pending attached home sales (2,568) guided the DC Metro Area to a February ten year high.

  • Montgomery County’s new pending detached home sales (572) rose +21.7% year over year. As well, new pending condo sales improved by double digits (265, +14.2%).
  • In Prince Georges County, a decline in new pending sales and the continued rise in closings reflected the ongoing inventory shortage. However, dip this month was less than -1%, compared -8.0% to – 9.0% for the past two months.
  • Washington DC’s new upcoming sales of attached homes (747, +20.5%) rose by double digits year over year for the second straight month.
  • Fairfax County activity remained brisk, hitting a February ten year high, with sound results among both detached (+12.2%) and attached (+13.9%) units. It was also the best February to January performance for the past ten years.

New Pendings for the Month vs. Same Month Year-Ago

Ten Year Trend: New Pendings

NEW LISTINGS

The number of new listings improved +11.0% year over year, a healthy gain from last year’s -7.4% decline with listings for attached residential properties up +15.9% (compared to a -7.4% slide the previous year).

  • New listings of attached units (552) in Montgomery County advanced +25.7%. Overall new listing activity in the Silver Spring area (236) improved (+17.4%).
  • In Arlington, new monthly listings are at the lowest February levels since 2011, as detached listings declined -10.5%.
  • Fairfax activity fell just short of the February 2017 high for the month (1,647), as new listings for attached homes improved +19.5%.
  • In Alexandria City, levels of new listings grew by double digits for the first time since April 2018. Condo / Co-op listings grew by 30.3% over a year ago.

New Listings for the Month vs. Same Month Year-Ago

Ten Year Trend: New Listings

MEDIAN DAYS ON MARKET

Days on the market in the DC Metro fell to new February lows, with detached homes coming off the market nearly two weeks earlier (21 days on the market, -12 days). Attached residential properties stayed on the market for only nine days, (also -12 fewer days than a year ago).

  • With Montgomery County townhome sales up +65.8%, units came off the market nearly three weeks sooner than last year (18 days, -20 days).
  • In Washington DC, February was the second month in a row where townhomes stayed on the market six days longer year over year (23 days).
  • Prince Georges townhomes spent -12 fewer days on the market, the steepest decline in days since November 2013.

Median Days on Market for the Month vs. Same Month Year-Ago

Ten Year Trend: Median Days on Market


Data provided by MarketStats by ShowingTime based on listing activity from Bright MLS.

About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.

Bright MLS Media Contact

Hanly Heubeck
Warschawski
410-367-2700×116
Hanly.Heubeck@warschawski.com

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