DC Market Activity in April - the Numbers Say You Can Sell Your Home

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

 

  • 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 lise@lisehowe.com.

 

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Rainmaker
3,561,655
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lise. Well, listings are down but all other indicators solid or rising. We will survive and thrive. Enjoy your day!

May 15, 2020 05:46 AM #1
Rainmaker
3,450,019
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Lise... we have a very similar market... homes that go on the market do sell. One big difference... your median price point is almost four time higher than ours. :)

May 15, 2020 06:04 AM #2
Rainmaker
2,885,610
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The numbers look good even though it appears that covid is having some effect.

May 15, 2020 06:07 AM #3
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

The COVID-19 is definitely reducing the number of homes coming on the market. Brian England - what are you seeing. 

May 15, 2020 06:24 AM #4
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Wayne Martin - yes we will survive and thrive - stay safe in Chicago - how is it for you? My daughter will have to come back eventually!  Do you live downtown or somewhere else? her apartment is in Millenium Park

May 15, 2020 06:25 AM #5
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Nina Hollander - we all just have to keep chugging along and keep selling homes! Are you able to get out yet to show property? 

May 15, 2020 06:26 AM #6
Rainmaker
3,450,019
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lise Howe hi Lise... oh yes... we were cleared to show property as of May 1st and to do open houses under certain restrictions as of yesterday. Still seeing a lot of buyers waiting on doing home tours and sellers keeping home showings limited.

May 15, 2020 06:34 AM #7
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Nina Hollander - you are so lucky - you can do open houses - we still can't do open houses

May 15, 2020 06:36 AM #8
Rainmaker
149,987
Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

Thank you for taking the time to keep us informed and up to date. Wishing you a great weekend ahead! stay safe!

May 15, 2020 07:00 AM #9
Rainmaker
3,623,058
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Lise - the "thing" about numbers are certainly important but having a local real estate professional like yourself is beneficial when people want/need to make a move.  

May 15, 2020 07:19 AM #10
Rainmaker
1,737,488
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA, ABR, SRS

Thank you for keeping us posted and up to date. Have a great weekend!

May 15, 2020 09:47 AM #11
Ambassador
3,980,125
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lise the COVID-19 is having a negative impact on the housing market.  It is time to start opening more business, and getting people back to work.  Once that happens I believe we will see more inventory and the housing market returning back to where it should be.

May 15, 2020 10:16 AM #12
Ambassador
3,256,870
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It seems that Washington DC is following the trend from across the country...

Have a wonderful weekend Lise Howe 

May 15, 2020 11:39 AM #13
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Paul S. Henderson, REALTOR®, CRS the NAR had similar numbers- and saying that sellers are holding off listing their homes - we need the inventory!  When everyone puts their homes on the market we will have a glut of 3 months of inventory flooding the market!

May 15, 2020 02:51 PM #14
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

George Souto - I hope you are having a wonderful week = I completely and totally agree with you that we need the country to open up!  I am happy to wear a mask and wash my hands.  I am not happy to watch the economy tank! 

May 15, 2020 02:53 PM #15
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Jeremy K. Frost - thanks for stopping by - I appreciate your comments and support!

May 15, 2020 02:53 PM #16
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Michael Jacobs - I actually enjoy doing these market reports - they are so educational for me - learning what the numbers are each month! Stay safe - and sane!!!

May 15, 2020 02:54 PM #17
Rainmaker
1,824,959
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Joseph Doohan - thanks for stopping by - it looks like the Texas market is doing well!

May 15, 2020 02:56 PM #18
Rainmaker
603,055
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update Lise, all the best to you as you get many of these properties listed and sold.

Sally

 

May 19, 2020 11:31 PM #19
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Lise Howe

Assoc. Broker in DC, MD, VA and attorney in DC
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