The Spring market is in full swing, with lots of activity on the buyer side, but the real story is still low inventory. The median sales price in our area reached the highest on record for the second month in a row, easily beating last April’s record by 4.1%, and up 3.9% from last month. However, new pending sales were down 8.3% from this time last year, and down 2.5% from last month, coming in under the 5 year April average. So what gives? Inventory!
April new listings were down 13% from April last year and down 6.7% from last month! This is below both the 5 and 10 year April average, but still above the 10 year low we saw in 2012.
This low inventory means the market is moving FAST as buyers are competing for the listings that DO hit the market. Average Days on Market for April was 10! That’s down from 14 days last April and from 15 days last month.
We’re still seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC and Arlington. Even though the market is competitive, we have a lot of happy buyers right now! Making the most attractive offer isn’t just about competing on price. There are many components that play into the strategy of an offer. If you are thinking of buying, let us guide you on how to put your best foot forward in this hot market. Set up a conversation with one of our buyer agents to come up with a strategy that is tailored to your goals.
Thinking of selling? Now’s the time! Inventory declining now at the peak of the spring market is huge. Buyers are out and ready to move, but not finding many options. If you have been considering a change, start the conversation with our listing team to figure out your how to position your property to maximize your return.
House it Going? Real Estate Q&A Happy Hour: Tuesday, May 23rd in Clarendon
Questions about Buying or Selling? Just want more information about what we are seeing in the housing market? Join Katie for an informal chat over drinks at Spirits of ’76 Tuesday, May 23rd. Stop by with your questions any time between 5-7pm.
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As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group