March 20, 2018 | Josh Sullivan
February’s market activity shows signs of the DC Metro market returning to traditional seasonal trends. Last year the market had experienced conflicting buying patterns towards the end of summer and beginning of fall, with certain figures indicating a possible shift towards a buyer’s market. Though that shift never came to pass, the market experienced a rare drop in demand in conjunction with diminishing sale prices. February’s market activity has brought us back to the norm of restricted supply and rising sale prices.
DC proper varied slightly from the overall region’s trends, with not only a 2.6%increase in sales price, but 10% growth in sales volume as well. Given the seemingly impervious demand and continuous construction within the District, the market activity exceeds that of the overall region most months. There were 595 closings last month with condominium and townhome sales accounting for 87% of sales. Detached single-family home closings grew more than 11% YoY with 76 sales for the month of February.
Arlington County, VA
Arlington County mirrored the District’s market behavior with both median sales price and the number of closings improving YoY. Sales price increased a mere .4% to $532,353 for February while sales volume grew 3.5% YoY to 175 homes sold. The continued growth and development along the Rosslyn-Ballston Corridor in North Arlington and the Columbia Pike revitalization in South Arlington, buyer trends are shifting to be almost identical with DC. Condominiums accounted for over 60% of all sales last month, while townhomes represented only 6%.
Fairfax County, VA
As is typical for Fairfax County, sales activity fell in-line with the overall market activity. Median sales price improved nearly 8% to $490,000 while sales volume dipped just below 10% YoY. Given the vast geographic area and equally diverse demographics, Fairfax County is a great representation of what is happening in the DMV region. Regions such as Arlington County and DC almost always provide a skewed sense of demand, while Fairfax County provides more reliable figures for the overall region.