April 2020 Housing Market Update

APRIL 2020
Data as of May 6, 2020

April 2020 D.C. Metro Market Activity

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DC Metro: April Home Sales and Median Prices

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SUMMARY

In April, the area felt the effect of COVID-19 related stay-at-home and social distancing orders put in place during late March.

Potential new sellers opted to pause putting their homes on the market, creating the lowest April volume of new listings in the past ten years and added pressure to already constricted inventory levels. In an indication of things to come, new pending sales had their sharpest year-over-year drop in a decade.

However, the narrowing supply of homes helped propel the D.C. Metro to its highest monthly median sale price ($507K) in the past ten years, as well as an overall ten-year low for days on the market.

Although sellers are holding off listing, they still have a desire to enter the market once social distancing regulations relax, pointing to a surge in newly available properties for sale in the coming months.

MEDIAN SALES PRICE

The narrowing supply of homes and historically low 30-year fixed mortgage rates helped propel the D.C. Metro to its highest monthly median sale price ($507K) in ten years. Sellers did not relent on price despite the COVID pandemic, with the OLP/SP ratio at 100.0%.

  • Prince Georges County reached a ten year best, as single-family homes climbed +12.0% to $364K, while townhomes rose +16.3% to $265K. Upper Marlboro ($376.4K) experienced an +18.4% gain.
  • Alexandria City closing prices rose to a decade best, as the 22304 zip code ($409.0K) advanced +23.9%.
  • Montgomery County hit an overall ten year high. Townhome prices hit an April ten year best of $375K, even as the unit sales volume (193) declined -14.9%.
  • Units in the Falls Church area achieved a median sale price of $1.0M for the first time. The 12 detached homes sold at a median cost of $1.4M (+27.9%), closing at 100.3% of the asking price

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

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Ten Year Trend: Median Sales Price

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CLOSED SALES

As indicated by last month’s sharp drop in new pending sales (-15.1%) due partially to stay at home orders, the area experienced its most significant year-over-year decline in closing volume in the past ten years.

  • It was the D.C. metro’s first March to April decline in closings, down -8.1%. Typically, closings improve +16.1% during this period.
  • In Washington, D.C, townhome closing volume fell -33.8%, the steepest year-over-year decline in the past ten years. The Capitol Hill (31, -29.6%) and Petworth (29, -34.1%) areas experienced a notable falloff.
  • Arlington witnessed its lowest April closing volume in ten years, with single-family homes (78, -29.1%) at their lowest since 2011. Closings in the North Arlington 22207 zip code dropped -32.7%.
  • Fairfax County endured its first April year-over-year loss. It was also the area’s first March to April decline in the past ten years (-5.4%); typically, the county receives a +23.3% month to month boost during this time. Closings in Centreville (58) fell -24.7%.

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

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Ten Year Trend: Closed Sales

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NEW PENDINGS

Impacted by social distancing restrictions, metro area new pending sales endured the sharpest year-over-year drop in a decade. While an indicator of things to come in June, pendings should start to improve as the market adjusts and social distancing regulations begin to ease.

  • It was the weakest April performance and sharpest March to April decline (-24.4%) in a decade.
  • Washington D.C. reported a precipitous drop, with attached unit volume slipping -49.2%. Brookland (14 new pendings, -62.2%) and Capitol Hill (35, -49.3%) shrank significantly.
  • Montgomery County attached unit pendings receded -45.5%, with condos down –56.0%. In Silver Spring (171), volume fell off -54.9%.
  • Pending sales of attached homes in Alexandria slipped -43.0%, as the Old Town/Clover 22314 zip code lost ground by -44.7%.
  • Attached home sale agreements in Fairfax County came in -34.4% lower as Vienna (67) fell off -42.2%.

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

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Ten Year Trend: New Pendings

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NEW LISTINGS

With many potential new sellers opting to hold back listing their properties until after the “stay at home” orders end, the metro area endured its lowest April volume of new listings in the past ten years. Year-over-year declines reached their highest levels on record. However, sellers still have a desire to enter the market, pointing toward a surge in newly available properties in the coming months.

  • Month-to-month, new listing declined -26.1%; typically, new listings rise 9.2% in April compared to March.
  • Montgomery felt the region’s sharpest loss as monthly new listings hit their lowest level since February 2012. Silver Spring’s new listings (211) fell in half year-over-year.
  • Fairfax County single-family home new listings (861) came in -40.5% lower, the most significant loss in ten years. Overall new listings in Reston (141) fell by-31.2%.
  • Washington, D.C. dropped notably from last year, with Columbia Heights (62) lower by 38%. Detached home new listings across the District dropped -55.5%.

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

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Ten Year Trend: New Listings

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MEDIAN DAYS ON MARKET

A limited supply of available inventory pushed buyers to snap up properties, as the D.C. Metro set an overall ten-year record for fewest days on the market.

  • Single-family homes came off three days earlier (7 days), while attached units spent two fewer days on the market (6 days).
  • Prince George’s County hit a ten-year record low, with homes coming off the market four days earlier than the previous record set in June 2019. Upper Marlboro units spent ten days on the market, six fewer days than April 2019.
  • Virginia listings stayed among the most sought after in the metro. Homes in the 22304 Landmark / Cameron Station and the 22204 South Arlington zip codes came off the market in four days (-2 days).
  • Montgomery remained active with days on market at decade lows. Single-family homes stayed available for one week (-2 days). Mount Airy units remained on the market for six days, down from 10 days last year.

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

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Ten Year Trend: Median Days on Market

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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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