Happily, we would like to congratulate our DC sellers who are now under contract!
As we celebrate this news for our clients who are on the way to closing, and with the pandemic pandemonium significantly subsiding, we’d like to take a moment to share some information from the MLS database about market activity in the last 4-6 weeks of Covid.
Inside of DC, we find that 901 properties were listed during the month of April. Let’s not forget that April was the height of virus-induced fear and stay at home orders. As of today, 331 of them have gone under contract within the month. Of the properties listed in April that have already sold and closed (most of which will take 21-30 days to close, so these would be outliers), the average list/sale ratio was 100.9%. This means that sellers were getting, on average, 100.9% of their asking price. During a pandemic! (The average district-wide days on market was 16.) **482 homes listed in April either closed or pended; 342 are still active**
Other fast facts about the April 2020 DC Real Estate Market
– Homes sold in April spent a median 7 days on market
– Median sold prices are up 7% compared to April 2019 (new median price $507,000)
– Inventory hit a 10 year low (bringing the number of pending contracts & sales down with it)
– Sellers who stayed in the game benefitted from the first two statistics, and those who waited effected the third.
Interestingly, as of the date of this writing, we see 444 new listings in the first two weeks of the month of May. 112 are already pending or under contract within two weeks. We’ve already seen a significant uptick in properties under contract compared to previous weeks. Any contraction of the market is already starting to reverse.