The March sales numbers are out and they show that the District is truly in a category by itself. As was true in January and February, the close-in Metro area showed dollar volume of sales down, prices up and days on market down, compared to last year at this time, all due to the low inventory which results in less sales and higher prices.
However, the District is so “hot” that despite its extremely low inventory, dollar volume of sales was up 6.4% over 2018, and prices were way up… 11.6% over last March! In all jurisdictions, days on market were down an average of 21.5% from last year, meaning that properties often get snapped up as soon as they hit the market.
But here’s word of warning: sellers should still come on the market with a competitive asking price, in order to create an optimum sale situation. In a “bull market” like this one, pricing sensibly will get you the highest end price, as a result of immediate interest and, very often, multiple offers.
*Statistics are taken from Bright MLS for: the District of Columbia, Montgomery County in Maryland, and Fairfax County, Arlington and Alexandria in Northern Virginia.