For the close-in Metro area marketplace, August 2018 proved to be a much more successful month than August 2017, with a 6.1% increase in average price, a 4 % increase in dollar volume of sales, and an 11.7% decrease in days on the market. Of the jurisdictions we track, Arlington showed the greatest gains, with a 21.5% increase in dollar volume of sales and a 10% increase in average price.
Unlike some years past, sales kept going strong all summer, and the only reason we do not have even more sales on the books is the persistent shortage of listings in all of our close-in Metro area markets….with no relief in sight.
The movement that we usually see as baby boomers retire, downsize or move to vacation areas is simply not occurring enough to fill demand. So, this market we have experienced for several years, where buyers are often in competition when they try to make a purchase, shows no sign of letting up.
*Statistics are taken from the Metropolitan Regional Information System (MRIS) for Washington, DC, Montgomery County in Maryland, and Fairfax County, Arlington and Alexandria in Northern Virginia.