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Today let’s review the first quarter market of 2018 and see how it compares to the first quarter of 2017.
The average sold price for Virginia in the first quarter of 2018 is up 3.48%, which is great news for homeowners. Homes are selling on average at $511,066 this year versus just $498,880 last year. Sold units are down 2.85%; we are in a low-inventory market, so fewer homes have sold in the first quarter than last year. The average days on market is down 10.17% as well. 2017 saw an average of 59 days, whereas 2018 saw 53.
In the state of Maryland, the average sold price is up 1.93%, which is a smaller gain than Virginia, but a gain, nonetheless. The number of units sold is also down 5.37%, with 4,785 in 2017 and 4,528 in 2018. The average days on market is down as well; it dropped 3.57% from 56 days last year to 54 days this year.
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We see fewer homes to sell, which is why we see fewer homes closing this year compared to 2017.
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Washington, D.C., is not doing as well as Maryland or Virginia. The average sold price is down 3.67% from last year, going from $677,408 to $652,560. The number of units sold is also down 1.25%, or an average decrease of 24 units. The days on market did see an increase of 2.38%, however. In terms of average sold price, I wouldn’t panic about the drop; if you look at the median sold price, it’s still up 1.23%. It could be that fewer luxury homes have sold in D.C. and that the average sales price is skewed a little bit.
In addition to the specific market trends, I wanted to share a bigger picture of how we’re doing compared to 2008, when we were experiencing a recession. For the last 10 years, the number of active listings has been going down, though the closed sales were pretty stable. The inventory has shrunk over time, and yet demand has been the same. We see fewer homes to sell, which is why we see fewer homes closing this year compared to 2017.
If you have any questions about these reports, about your neighborhood, or about your property, please feel free to reach out to me. I can go deeper and explain exactly where we stand in today’s marketplace.
