The market in all three of the Metro area markets we track was relatively flat this past May compared to 2018- which is surprising, since May is always one of our top sales months.
Montgomery County, the District, and close-in Northern Virginia showed only a slight over-all increase in average price of 1.2%, a 1.4% loss in dollar volume of sales, and a 25% shorter span of days-on-market for listings.
The big gains in price in recent years have been largely due to the tremendous shortage of product, where there aren’t enough properties for sale to meet demand, and the ever-shorter days-on-market certainly shows that to be true.
However, there is always a point where prices can exceed what people are willing to pay. Whether we are there or not remains to be seen. June is often the biggest sales month of the year, so check in with us again next month.
*Statistics are taken from Bright MLS for the District of Columbia, Montgomery County in Maryland and Arlington, Alexandria and Fairfax County in Northern Virginia.