JUNE 2020
Data as of July 7, 2020
June 2020 D.C. Metro Market Activity
D.C. Metro: June Home Sales and Median Prices
SUMMARY
The D.C. Metro real estate market continued its resurgence this month. With the area unemployment rate (9.2% for May) under the national average and interest rates at record lows (ending June at 3.13%), new pending home sales had their best June in a decade. Limited inventory and strong buyer demand kept median sales prices high, as the region saw a new ten-year best for single-family and townhome median sale prices.
Sellers showed signs of confidence as new listing volume extended month over month gains and year over declines narrowed. Yet, inventory levels remained tight as months of supply saw a June ten-year low.
MEDIAN SALES PRICE
The ongoing inventory shortage continued to help boost sales prices. With months of supply (1.32) at a June ten-year low, the D.C. Metro region achieved a new ten-year best for single-family and townhome median sale prices. Many jurisdictions reported record highs.
- June 2020 was also the second-highest monthly median sales price ever for units overall, and the best June on attached homes and condo pricing.
- Through June, Prince George’s and Alexandria Counties saw the most significant gains in their median sales price, each up nearly 11% from the first six months of 2019.
- Fairfax and Alexandria Counties both reported their highest median monthly sales price in a decade. Fairfax townhomes sold at a ten-year record of $485.0K, with Herndon ($476.0K) up 13.9%. Alexandria saw it’s second-highest year over year gain ever. Single-family homes sold for a June record of $937.0K. Detached units in the 22301 Del Ray/Rosemont zip code (34) closed for $1.06M, a 17.3% gain.
- Dwellings in Prince George’s sold at their highest price in a decade. Single-family homes set at a ten-year county record of $375.0K, while attached houses ($265.0K) yielded their second-highest monthly median price ever. Brandywine ($415.0K) boasted a +22.1% boost in home sale prices.
Median Sales Price for the Month vs. Same Month Year-Ago
Ten Year Trend: Median Sales Price
CLOSED SALES
The D.C. market declined sharply from last year as it continued to deal with COVID-related protocols and tighter inventory. However, June was a 29.3% improvement over May, as suggested by last month’s strong new pending home sales gains.
- Although Alexandria’s closing volume dipped -6.0% from last June, it accelerated 42.1% month to month. Activity in the 22204 Landmark Station zip code (74) advanced 60.9% from May.
- D.C. saw a 38.0% upswing from last month’s activity, as Columbia Heights (58 closed listings) rose 13.7% year to year and 26.1% month to month.
- Montgomery County closings bounced back 31.9% from May. Silver Spring’s 237 sold units represented a gain of 26.7% month to month.
- Arlington saw a 21.3% improvement from May, with Condo/Co-op sales (121) 28.7%.
- Prince George’s County eked out a 1.9% year over year gain and claimed 30.9% additional closings month to month. Upper Marlboro (134) reported an 11.7% rise from June 2019 and a 25.2% growth from May 2020.
Closed Sales for the Month vs. Same Month Year-Ago
Ten Year Trend: Closed Sales
NEW PENDINGS
With buyer demand fueled by record-low mortgage rates (finishing the month at a historic low of 3.13% for a 30-year fixed), it was the best June in a decade for new pending home sales. Month to month, new pending sales of attached homes rose 8.3% – the first year to year gain for the housing type in three months, and the best May to June improvement in a decade.
- Alexandria saw record June year to year growth. Over the past five years, June pendings typically declined by -1.5%. Condo pendings (143) climbed to a June ten year high, up +22.2%
- D.C. pendings pushed to their best June and second-best monthly level overall on record on the strength of townhomes (402, +22.2%), also at their second-highest in ten years. Pending townhome sales in the 20002 Capitol Hill zip code (122) were at a ten year high, up +32.1%.
- Montgomery County saw a June record month to month gain of +22.8%. Typically, the area experiences an -11.7% loss in June compared to May. Notably, Potomac (93) celebrated a 22.4% growth compared to last month.
- Prince George’s saw a lower month-to-month gain relative to other areas in the metro, up 7.7% from May. New pendings in Upper Marlboro (158) ticked down -1.9% compared to last month.
New Pendings for the Month vs. Same Month Year-Ago
Ten Year Trend: New Pendings
NEW LISTINGS
Signs of recovery surfaced as the area narrowed the year over year losses experienced in the past two months.
- While new listings dipped -4.6% from last June, this was a vast improvement from the -37.4% and -33.2% losses of April and May.
- Alexandria and Arlington enjoyed some of the region’s most notable gains on a year to year and month to month basis. Alexandria improved 38.5% compared to last month; typically June declines -12.5% from May. Similarly, Arlington advanced 39.4% from May compared to its average -7.5% May to June loss.
- D.C. had its best June in ten years for new listings of attached homes (436), up 11.9% from June 2019, and 18.8% from May 2020. New listings of townhomes in the Georgetown 20007 zip code (38) rose 65.2% from last June.
- New listings were slow to come back in Prince George’s County, an area hard hit by COVID-19 cases. New listings slipped to a seven-year June low, with Fort Washington’s new listings (68) off -29.2%.
New Listings for the Month vs. Same Month Year-Ago
Ten Year Trend: New Listings
MEDIAN DAYS ON MARKET
The month was a ten year June record for fewest days on the market. As well, it was the second-fewest days on the market for attached homes in a decade.
- Alexandria single-family homes came off the market in a record low six days, four days fewer than last June. As well, townhomes sold in a ten-year best of five days, two fewer than last year. Units in the 22314 Old Town / Clover area left the market in a speedy five days, almost a week earlier than last year (-6 days).
- Notably, condos in the D.C. jurisdiction stayed on the market for 15 days, the longest for June since 2012. Condos sold in Petworth (16) left the market in 18 days, eleven days longer than last June.
- Units in Prince George’s County reported their second-lowest days on the market in a decade. Homes in Bowie sold in eight days, a June record, five fewer than last year.
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
