Despite the restrictions on movement and the shutdown in the last week of March due to Covid-19, real estate sales were very strong in the close-in Metro area, with the dollar volume of sales 24.7% higher than last March, which is a huge comparative change.
Average price was up 5.5% from last year at this time, and days-on-market was 14% less than last March. The shortage in product was even more pronounced this past month because the increasing restrictions imposed by the three jurisdictions in the Metro area- DC, Maryland and Virginia- made some sellers take their homes off the market, at least for a few months.
Realtors have been selling their listings online with creative videos and slide shows, and now restrict any property showings to one person or couple at a time, with hand spray and paper towels on hand, as well as “Do Not Touch” signs everywhere.
While we do not expect to see such high sales numbers for April with the whole month in shutdown, the comparatively high sales volume in March attests to the enduring strength of our Metro area real estate market.
*Statistics are taken from Bright MLS, for the District of Columbia, Montgomery County in Maryland, and Fairfax County, Arlington and Alexandria in Northern Virginia