May 1, 2020 | Josh Sullivan
The DC Metro Area market remained active at the beginning of March, on the heels of an unexpectedly hot start to the year. Unfortunately, this trend came to a halt once the effects of the coronavirus started to materialize. Although median sales price for region improved almost 7% YoY, the number of new listings and homes under contract dropped over 15% YoY for the region.
Consumer confidence was been wavering, but we have noticed an increase in comfortability-level when dealing with buyers and proper social distancing. A number of our new construction projects, such as Portrait Square in DC and Silas Station in Burke, VA, have implemented virtual tours + meetings and has proven to be extremely successful. In times like these, it is important to be flexible and nimble, with the ability to pivot and cater to new-found needs.
A more revealing insight into the effect of coronavirus will be evident in April’s data for next month’s blog. Many of these metrics such as settled price, DOM and closings often carry a 15-45-day lag time – meaning anything that closed in March typically went under contract the month before. The downward trend was evident towards the end of the month, but the full scope has yet to be realized.
As always, we will continue to track the market and have a more comprehensive look at the effects of coronavirus next month.
Stay safe and healthy!