The latest DC Metro Housing Report was released on April 10th by Bright MLS. Here are a few bullet points followed by a quick analysis.
-The Washington D.C. Metro March median sales price of $435,000 was up 3.6% or $15,000 compared to last year and was up 6.1% or $25,000 compared to last month.
-Sales volume across the DC Metro area was over $2.2 billion, down 2.6% from last year.
-The 7,583 new listings in March were down 7.6% compared to last year.
-Active listings of 7,532 are down 12.9% compared to last year but are up 16.0% compared to last month. This is the 23rd consecutive month of declines in year-over-year inventory and the third consecutive month of double-digit declines in inventory levels.
-The median days-on-market this month was 13 days, down two days from last year but less than half of what it was last month. This was the shortest March DOM of the last ten years.
-The 4,238 closed sales in March were down 4.8% from last year but up a seasonal 39.3% from last month.
The data shows what we already feel on the street. Home prices are rising and there are less sales being made as inventory is low. There are so many buyers out there wanting to buy, but such few new listings, that demand is far outpacing supply. This is leading to a highly competitive market as there are mulitple offers on most new listings within days and even hours of hitting the market. Buyers that do not have their ducks in a row in regards to financing are at a heavy disadvantage. My advice is to get preapproved from a reputable local lender early on in the process, so that you can jump on a property as soon as it is listed.