The Evers & Co. Real Estate March 2018 Real Estate Report
Average price was down 4.5% and dollar volume of sales was down 6.8% for the month of March compared to last year, but “days on the market” were also down, indicating faster sales. Surprisingly, the District had the biggest loss in dollar volume of sales with -10.9%. Both the District and Northern Virginia were down in average price, but Montgomery County showed an increase in average price of 7.2%.
The fact that days on the market were down even with this lack-luster performance across the board indicates what every real estate professional and house- hunter already knows- there is still a great shortage of product on the market, and when a new listing that is well-priced hits the market, it sells in days if not hours! The March slowdown in volume and price will be carefully watched over the next 3 months, which is historically the biggest quarter of the real estate year.
*These statistics are taken from the Metropolitan Regional Information System for the following areas: the District of Columbia; Montgomery County, Maryland; Fairfax County and Arlington in Virginia.