June 6, 2019 | Josh Sullivan
April was an exciting month for both buyers and sellers in the DC Metro area, with both price and sales volume exceeding expectations. Median sales price for the region reached $475,000 for the month, the highest sales price in over a decade for April. While sales price began to soar, this did nothing to stifle sales, as closings were up 3.3% totaling $2.8B for the month.
The District tends to be an outlier from the rest of the region, often out-performing other jurisdictions, but for April it was the exact opposite. DC proper was the only jurisdiction within the DC Metro area to see a drop in median sales price, slipping a mere 0.5% from last year. Sales activity for DC was more aligned with the rest of the region, reaching 872 closed sales for the month, an improvement of 15.5% YoY. An increase in closings was distributed fairly evenly across property types, all seeing an over 10% improvement.
Arlington County, VA
Arlington was one of the leaders of the pack for sales price improvement during the month, posting an 18.9% increase. Arlington County was second, only to Falls Church City, with an astounding 30.2% increase in sales price for April, while the next closest jurisdiction was Fairfax County with 5%. In-tandem, Arlington County had 264 closings during April, largely due to a significant increase in detached single-family home sales – up 20.9% YoY. Townhome closings remained flat, while condominium sales dropped over 10%.
Fairfax County, VA
Fairfax County continues to follow historical trends, mirroring the performance of the greater DC Metro area for the month of April. Median sales price for the region improved 5% to reach $546,000 for the month, while closed sales increased 4.3% YoY. Condominium product within the county saw the largest shift in performance, with sales increasing over 10% for the month. Detached single-family residences rose to 4.3% over this time last year while townhomes dipped slightly, 1.1%.
The April market gave sellers the upper-hand, with the lowest inventory levels for almost a decade. Buyers and sellers alike were expecting the typical influx of supply for the spring market, but that has yet to be felt within the DC Metro area. We saw buyer demand wane during the winter months in anticipation of the spring market, and when looking at the number of closings, the low inventory had little effect on buyers’ appetites. Will May alleviate the tight inventory? Buyers are certainly hoping so.