May 2020 Housing Market Update

MAY 2020
Data as of June 4, 2020

May 2020 D.C. Metro Market Activity

DC Metro: May Home Sales and Median Prices

SUMMARY

The area contended with COVID-19 related concerns last month with the added dimension of a weakened economy. Accordingly, May’s closing volume fell to a ten-year low for the month, -7.5% lower than April, with the sharpest year over year decline for any month in the past ten years. New pending sales hit a ten-year low for the month, while new listings slid to their lowest May levels in a decade.

However, indications of positive change existed. Buyers could not resist a record low 30-year fixed mortgage interest rate, finishing May at 3.15%. Pending home sales rose 33.7% from April. Sellers benefited from buyer demand, as median sales prices hit their second-highest monthly level in a decade. New listing volume rose 12.2% compared to April.

MEDIAN SALES PRICE

The D.C. metro area marked its second-highest month ever on a median sale price basis. As well, May was a ten year best for condo median sale prices. However, the region experienced a -1.4% dip from April. Generally, May sees a 4.3% improvement month to month.

  • Washington, D.C. secured an overall ten-year median sales price high, closing at 100.0% of list price. Columbia Heights homes posted a median sale price of $707.0K, up 17.3%.
  • Alexandria City single-family home sale prices hit an all-time high ($964.5K), up 12.1% year over year, and 10.2% from April.
  • Fairfax County attached home sales prices set a ten-year record this month, closing at a median price of $432.0K (up 6.5%). Attached homes in McLean closed for $627.5K, up 61.7% year over year.
  • The median sale price for single-family homes in Prince George’s County climbed 7.6% to a new decade high of $366.0K. It is the third month in a row the area set a record in the category, as units
    • continued to close at 100.0% of original list price.

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

Ten Year Trend: Median Sales Price

CLOSED SALES

As indicated by April’s record-setting drop in new pending home sales, closing volume in the D.C. Metro fell to a ten-year May low. It was the sharpest year over year drop for any month in the past ten years. Compared to April, May results dipped -7.5%; generally, May sales see a 16.8% month to month improvement.

Montgomery County descended to a new May low as it endured its sharpest month over month drop for the past ten years. Across the county, closings are now down -5.3% year to date; through March, they paced +21.2% over last year. May also saw Gaithersburg activity (118 closings) erode by -40.1%.

As suggested by the jurisdiction’s -50.7% drop in April pending home sales, Washington D.C.’s closing volume fell to a new ten-year May low, with an overall ten-year record year over year loss. Capitol Hill closings (34) continued to recede this month, down -48.5%.

Fairfax County reported a May nine-year low on closing volume. Year to date volume is now down -12.3%. By comparison, activity was up +6.2% at the end of March. In Herndon (76 closings), results fell off by -37.7% this month.

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

Ten Year Trend: Closed Sales

NEW PENDINGS

New pending sales volume in the D.C. Metro hit an all-time May low. However, the month to month growth points toward a future rebound.

  • May pending home sales rose 33.7% from April. Pending condo sales improved 53.5%, their most significant month over month gain on record.
  • Montgomery saw a significant 44.0% improvement versus April, with condo/co-op pendings (264, up 98.5%) nearly doubling. Silver Spring condo/co-op pending sales volume (74) climbed 89.7% from April.
  • Prince George’s County pending attached home sales (386) expanded 43.0% compared to April. Pending sales of attached units in Hyattsville (56) rose by 47.4% month over month.
  • Arlington County (147) accelerated 24.6% in May versus April. In the Amazon HQ2 zip code of 22202, pending attached sales (14) saw a 133.3% month over month growth.

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

Ten Year Trend: New Pendings

NEW LISTINGS

New listings fell to their lowest May levels in a decade. As well, it was the second-highest year over year decline for any month in ten years, behind last month’s -37.4% falloff. However, volume grew 12.2% from April.

  • Prince George’s County tumbled to a decade low for the month of May, with new single-family home listings (666) faltering -34.6%. In Upper Marlboro, detached new listings (77) receded -46.5%.
  • New listings in Montgomery tumbled to a May ten-year low. However, the jurisdiction reported 15.5% better results this month than April, as Rockville (176) racked up 18.1% more new listings.
  • Although new D.C. townhome listings (373) faltered -22.6% from last year, the category grew +12.7% over last month. Compared to April, new townhome listings in the 20002 Capitol Hill zip code (72) advanced +28.6%.
  • Arlington failed to show growth from April, down -9.0% month to month. In the 22204 South Arlington zip code, new listings (48) slid -18.6% compared to the month prior.

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

Ten Year Trend: New Listings

MEDIAN DAYS ON MARKET

While it was the fifth-lowest month in a decade, it was the first time since January 2019 days on the market rose year over year.

  • Compared to April, homes stayed on the market for two additional days. Typically, in May units move off-market two days sooner month over month.
  • Washington D.C.’s attached units lingered on the market for an additional four days. In the 20001 zip code, attached homes (15 days on the market) remained available for seven extra days compared to last year.
  • Alexandria single-family homes (16 days on the market) stretched their time by a week and a half this month, the highest year over year gain since February 2018 (+21 days). Residences in the 22312 Pinecrest/Overlook zip code held on the market for 20 days, up by 13 versus last May.
  • While Prince George’s County units stayed on the market for the second-fewest number days in the past ten years, it was two days longer than last month. Generally, in May days on the market decline by a week versus April.

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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