Coronavirus and government-enforced Stay-At-Home orders have had a major impact on the real estate industry. Although local agents have been able to complete transactions that were already underway when the lockdowns began in mid-March, general marketing activities like Open Houses have ground to a halt.
Despite the challenges, Washington, DC had the largest number of closings during the month of March in the last ten years. The median sales price also hit a ten-year high for March for all housing types. The DC housing market was poised for a record-breaking spring sales season until the pandemic hit.
The numbers looking forward aren’t nearly as rosy. New pending sales for March were down 18% from last year and hit a six-year low. According to data provided by our local real estate association, the number of showing appointments confirmed for last weekend was 25% below what we saw at the same time last year. Believe it or not, that was a huge improvement over the previous two weeks, which saw greater than 50% declines year-over-year.
The Numbers Month to Month and Year to Year
The median sales price for Washington, DC Homes for Sale was $609,950 in March, a 6.1% increase over the same month in 2019. The median sales price was $590,500 in February.
The number of Washington, DC Homes that sold was 819 in March 2020 vs. 676 that sold in March 2019. This represented a stunning 21% increase. By comparison, 626 homes sold in February 2020.
There are 1,063 Washington, DC Homes for Sale that are in contract which represents 81% of the overall available inventory of 1,299 homes.
All of these changes affect your home value. If you want to know the new value of your home, click here!
A few highlights of the current Washington, DC Homes for Sale are shown below and represent a nice cross-section of properties available, under contract and that have sold.
This Month’s Most Expensive
The most expensive of all Washington, DC Homes for sale last month was a new, six-bedroom manse on Embassy Row. This one-of-a-kind residence showcased the very best in materials and technology and included a guest suite with a separate kitchen and a four-car garage. The final sales price was a cool $4.9 million.
This Month’s Least Expensive
The least expensive of all Washington, DC homes for sale was a 1bedroom, 1 bath condo in the Deanwood neighborhood of NE DC. It sold for $87,000. It featured a laundry in the unit, a jetted tub, and hardwood floors.
What These Numbers Mean to You
The rapidly evolving Coronavirus crisis means rapidly evolving effects on the real estate marketplace. While health and safety are always our first priority, job changes and family moves continue. In DC, the number of homes listed for sale each day since COVID-19 hit has slightly exceeded the number from last year. Conversely, purchase contracts have trailed last year significantly since mid-March.
If you find yourself in a position to buy or sell a home during this crisis, let’s talk. We can develop a plan to market or show homes while meeting all of the recommended safety requirements. And when we get to our “new normal”, you can be in a position to take advantage of the opportunities that arise.
Love Living DC is Washington’s #1 real estate team for dependable neighborhood expertise.
If you have any questions about buying, selling, or investing in DC real estate, feel free to reach out to me anytime. I’d be happy to help.