Home sales across the D.C. metro core in March were up nearly 18 percent from a year before and almost 36 percent from two years ago, while median sales prices also saw a double-digit jump.
A total of 5,186 properties went to closing in March, according to figures reported by MarketStats by ShowingTime, based on listing data from Bright MLS.
That’s up 17.8 percent from the closed transactions of March 2020 and up 35.8 percent from the sales of March 2019.
Figures represent data from 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.
Each jurisdiction posted a year-over-year sales increase in March, with rates ranging from 11.2 percent (Fairfax County) to 50.7 percent (Alexandria).
Sales prices also were higher, with the median price of $516,000 across the region up 5.3 percent from $490,000 a year before and 14.7 percent from $450,000 two years ago. Median year-over-year prices were up everywhere but Arlington, which showed a decline.
The median sales price recorded regionwide was $16,000 higher than the median list price, the product of a buyer feeding frenzy fueled in part by low inventory across much of the region.
The median sales price for single-family homes that sold during the month stood at $685,000, up from $617,500. In the townhouse market, the median sales price of $520,000 was up from $470,000, and among condominiums, the median sales price of $360,000 was up from $345,000.
And things show little sign of slowing down, with pending sales for March up more than 30 percent from a year ago – up nearly 60 percent in Arlington and Alexandria.
Inventory may be the key driver (along with interest rates) in coming months, and the dearth of inventory decidedly favors sellers.
At the end of March, the region had less than one month’s worth of supply, given current sales totals. That’s the lowest for any March since at least the real-estate boom of what is now nearly 15 years ago. Three to four months’ supply is seen as good balance between buyers and sellers; anything more tilts the playing field to buyers.
Figures represent most, but not all, home sales in the region. All March 2021 figures are preliminary, and are subject to revision.
For more information, see the Website at www.brightmlshomes.com.
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