It’s a good, albeit slightly lagging, indicator of the state of the local real-estate market -- the number of months’ worth of housing supply available at any given point in time.
Any figure higher than three months’ worth of housing stock on the market represents a pro-buyer environment, while anything less tilts the market toward sellers.
For April, the Washington region continues to see a decidedly pro-seller environment, with a 0.86-month worth supply.
That’s according to Bright MLS, the region’s multiple-listing service, which reports that of the 10 jurisdictions that comprise its metro-D.C. service area, seven had less than a month’s worth of supply at the end of April:
• Loudoun County: 0.57 months. • Frederick County: 0.6 months. • Fairfax County: 0.67 months. • Montgomery and Prince George’s counties: 0.7 months each. • Alexandria: 0.84 months.
Three localities had higher rates, but still were solidly in pro-seller territory:
• City of Fairfax: 1 month. • Arlington: 1.12 months. • District of Columbia: 1.9 months.
The overall rate of a 0.86-month supply compares to 1.15 months a year ago; 2.06 months in April 2019 (the most recent comparable period from the pre-COVID era) and 3.48 months in April 2015.
In general, the most limited supply of homes were in the mid-price, single-family category, while the largest supply was in the upper-priced-condo segment.
Another measure of market strength: Homes that went to closing in April garnered a median 102 percent of original listing price, up from 100.9 percent a year before.
The median days on the market for homes that closed in April was a brisk six.
Figures represent most, but not all, homes on the market. All April 2022 figures are preliminary and subject to revision.
[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]