ear-over-year home sales across the Washington region have now tumbled each of the first two months of 2019, but the median sales price rose for the 29th consecutive month, according to new data, while inventory levels tightened slightly as the winter market segued into spring.
A total of 2,870 properties went to closing across the Washington region in February, down 5.7 percent from a year before and not much higher than January’s 2,745 transactions, according to according to data reported March 12 by MarketStats by ShowingTime based on listing activity from Bright MLS.
Figures represent sales in the District of Columbia; Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery and Prince George’s counties in Maryland.
With the exception of Fairfax County (up 1.7 percent) and the city of Alexandria (up 4.2 percent), year-over-year sales were down across the board – declining 6.3 percent in Arlington, 11.6 percent in Prince George’s County, 14.3 percent in the city of Fairfax, 15.1 percent in the District of Columbia and 33 percent in Falls Church.
The median sales price of all homes that went to closing across the region in January was $427,000, rising 4.1 percent from a year before and up nearly 38 percent from January 2010, when the region was still reeling from the 2008-09 economic recession.
The highest median sales price of all jurisdictions was found in Falls Church ($785,000, up from $700,000 a year before), followed by Arlington ($574,500/$431,176), the District of Columbia ($555,000/$515,000), Alexandria ($490,000/$514,000) and Fairfax County ($489,388/$475,500).
Homes that went to closing in February garnered an average 97.7 percent of original listing price, tied with last year for the highest February rate in a decade.
The inventory of available properties (6,293) across the region declined slightly from a year before, and remained less than half what it was in 2010-11. Northern Virginia jurisdictions all posted year-over-year declines in inventory with the exception of the city of Falls Church.
In February, 4,918 properties came onto the market, down 7.8 percent from a year before, with listings of single-family homes down 3.1 percent, townhouse listings down 10.3 percent and condominium listings down 12.5 percent. Among jurisdictions, Falls Church and the District of Columbia were up in new listings, all other jurisdictions saw declines.
Total sales volume for the month stood at just under $1.5 billion, down 2.2 percent from February 2018.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision. For information, see the Website at www.brightmlshomes.com.