- The DC Metro hit a new sales price high ($507K) and a decade low for median days on market (7). Homes generally sold at 100.0% of asking price.Prince George’s 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.
- Units in the Falls Church area achieved a median sale price of $1.00M for the first time.
- This April had the month’s lowest volume of new listings in the past ten years, as many potential new sellers opted to hold back listing their properties until after the “stay at home” orders end.
- Month-to-month, new listing declined -26.1%; typically, new listings rise 9.2% in April compared to March.
- New pending sales endured their sharpest year-over-year drop in a decade.
- This was the weakest April performance and sharpest March to April decline (-24.4%) in the last ten years.
- As well, the area experienced its most significant year-over-year decline in closing volume in the past ten years.
With such low inventory, motivated buyers had little room to negotiate their purchase. Yes, there was less activity in the market, but the activity that there was was focused and intense. Prices hit a new high across the board. Despite what you might think, this is a good time to put your home on the market.
While it is harder to show a home that is occupied, it is still possible. Sellers typically provide wipes and soap, turn on all the lights and leave the doors open so that there is less contact within the house, and require that buyers and their agents wear gloves and masks. In DC and Maryland, no more than three people are allowed in a property at one time (two buyers and a showing agent.) Sellers are strongly encouraged to vacate the property. Overlapping appointments are discouraged.
If you are thinking of selling your home, please give the Lise Howe Group a call and lets talk about how this market impacts the sale of your property. We can be reached at 240-401-5577 or email us at firstname.lastname@example.org.