Category: #GreaterPrincetonNJ

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 Data as of April 6, 2022

Washington, DC Market Key Findings 

 If March is an indication of this year’s spring market, DC buyers will need to dig a little deeper into their pockets. The median sales price was off only -1% from the all-time high set at the peak of last year’s spring market. Also, days on the market are already at the all-time low set during last year’s historic spring. Although sellers are putting homes up for sale, year-over-year inventory levels still aren’t rising. 

However, there are more signs that this year’s spring market will be different. Buyers are less active than last year, as fewer properties up for sale and record-high prices early in the buying season contributed to declining showing volume. Also, there are early signs that rising interest rates may impact the market, as there was more available inventory left up for sale at the end of March than in February.

March 2022 Median Sales Price 

If March is an indication of this year’s spring market, DC buyers will need to dig a little bit deeper into their pockets. The median sales price was only -1% off from the all-time high set in June ’21 – the peak of last year’s spring market. 

• With the median price of a new listing up 11% year over year, buyers should expect little relief in the short term. 
• Sellers reaped the benefits in March, pulling in 101.4% of their asking price – suggesting buyer bidding wars took place. 
• DC County single-family homes remained at all-time high $1M+ ($1.3 M), – up 14% from last month. 
• In Northern Virginia, median sales prices landed at all-time highs. Alexandria single-family homes remained above $1M for the second straight month ($1.17M). Detached home prices in Fairfax County (916.0K, +13% year over year) and Loudoun ($915.0K, +16%) grew by double-digits.

March 2022 Closed Sales 

• With buyer activity on the rise, year-over-year declines slowed compared to the last three months. 
• Prince George’s County townhomes sales (281) pulled ahead of last year by 27%. 
• Northern Virginia single-family homes dipped -by 1% from last March, as gains in Loudoun County (274, +2.2% YOY) helped keep activity near last year. 

March 2022 Active Inventory 

• While buyers are busy, there are early signs that rising interest rates may be impacting the market. 
• There was more available inventory at month-end: active listing volume rose 22% month to month – the largest percent gain on record. 
• Several counties increased active townhome listings, with DC up 29% year over year (335). 

March 2022 New Pending Sales 

• High prices, lower inventory, and rising interest rates factored into double-digit declines across all property types from last year. 
• Seasonally, new pending home sales are on pace with the springtime norm, rising 28% from February. 
• A bright spot for the month: Prince George’s County townhomes rose 14% year over year (303 new pending). 

March 2022 New Listings 

• Although sellers are putting homes up for sale for the season, year-over-year inventory levels overall still aren’t rising. Volume tracked under a year ago for five of the last six months. However, spring market activity is on track. New listings rose by 40% month-to-month, typical for March. 
• Townhome new listings increased 1% from a year ago. DC proper new listings added 488 townhomes (+10% from last year), with Prince George’s seeing 354 new listings (+33%).

March 2022 Median Days on Market 

• In an indication of potentially bullish sales ahead, days on the market returned to the all-time lows set during last year’s historic spring. 
• Townhomes in the VA suburbs moved off-market in less than a week, with Loudoun units under contract in 4 days.

March 2022 Showings 

• Fewer properties up for sale, rising prices and lower buyer demand compared to a year ago contributed to lower showing volume. 
• The Bright | T3 Home Demand Index fell -19% from last March as inventory tightened. The reduced inventory buyers gave fewer chances to look at properties. 
• Showings didn’t come back at their usual seasonal pace. While March 2022’s volume rose 21% from February, it was below last year’s 28% or March 2019’s 36% month-to-month gain. 

Washington, DC Metro Closed Sales 

Washington, DC Metro Ten Year Trends 

Median Sales Price by Housing Type 

Months of Supply 

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About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Frederick County (MD). Loudoun County, Montgomery County, Prince George’s County, Washington, D.C.

Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

About Bright MLS Bright MLS’s real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading multiple listing service (MLS), Bright supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit www.brightmls.com.

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Residential Real Estate Market Report Scope 

Report Attribute	Details
Market size available for years	2022 – 2030
Base year considered	2021
Historical data	2018 – 2021
Forecast Period	2022 – 2030
Quantitative units	Revenue in USD million and CAGR from 2022 to 2030
Segments Covered	Types, Applications, End-Users, and more.
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Regional Scope	North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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Market Research Intellect provides syndicated and customized research reports to clients from various industries and organizations in addition to the objective of delivering customized and in-depth research studies.We speak to looking logical research solutions, custom consulting, and in-severity data analysis lid a range of industries including Energy, Technology, Manufacturing and Construction, Chemicals and Materials, Food and Beverages. Etc Our research studies assist our clients to make higher data-driven decisions, admit push forecasts, capitalize coarsely with opportunities and optimize efficiency by bustling as their belt in crime to adopt accurate and indispensable mention without compromise.Having serviced on the pinnacle of 5000+ clients, we have provided expertly-behaved assert research facilities to more than 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony, and Hitachi.

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Finding a house to rent at the Jersey Shore the past two years was a lot like finding a parking spot at the mall during the holidays.

Demand exceeded supply and all the good ones were gone quickly.

But as mask and vaccination mandates are being lifted, workers return to their offices and kids are doing in-person learning, the rental market has normalized, agents say.

“The COVID bump is coming to an end,” said Duane Watlington, Founder of Vacation Rentals Jersey Shore, LLC, which helps connect renters and homeowners in Wildwood, Ocean City and Long Beach Island.

Early bookings were still a factor.

Watlington said his personal properties were all fully booked for the summer by Halloween. The omicron COVID wave during the holidays also continued the early booking trend.

But the shoulder months of June and September aren’t seeing the demand they were the past two years.

“Last year I was full mid-March through summer,” Watlington said. “Now there’s still a lot of availability for Memorial Day and June. Owners are getting nervous.”

Kids are learning in-person and many adults are back in the office. “The season has shortened up,” said Andrea Schlosser, broker at Schlosser Real Estate in Lavallette.

Those shoulder months will likely get booked with long weekend renters or by people who are attracted with incentives from savvy homeowners, including free tickets for boardwalk rides, said Maria Kirk, owner of Summer Shore Rentals, which has listings in Cape May, the Wildwoods, Ocean City, Long Beach Island, Seaside Heights, Point Pleasant, Delaware Beaches and more.

But if you really want a rental for the summer season, it’s not too late. You just might have to be flexible with your dates.

“Keep checking because there are cancellations,” Schlosser said. “If you’re willing to come in early July or late August there’s better availability. But the last two weeks in July and first two weeks in August are rented solid, everywhere.”

Renters are also encountering rate hikes this summer as homeowners take advantage of the huge demand the past two years.

“Our owners who are not booked are the ones that probably raised prices too much,” Watlinger said. “I think there was quite a bit of overpricing that’s going to get corrected now.”

Schlosser said she has a house for rent where she suggested a considerably lower price than the owner set it at.

“The public is not just buying into anything anymore,” Schlosser said. “Everything got rented last year. It didn’t matter how far it was from the beach … We’re not quite seeing that anymore.”

Some of the homeowners who are increasing rents are bringing them into better alignment with market value because they just bought the home and have a big mortgage to cover, said Kirk.

“They’re just going by what the market tells them,” she said.

The good thing about the ownership turnovers is that they often bring a home to the rental market that has the entire summer open. “I have probably five listings this week that have most of the whole summer open,” Kirk said.

The houses that rent the quickest are the 4-bedroom, 2-bathroom homes with modern amenities, central air, washers and dryers, Schlosser said.

Regardless of what you’re looking for, book now, agents say.

“You can’t wait until the week before and expect to get a home on the beach with a private pool,” Kirk said. “You have to book now or you’re going to lose out.”

Please subscribe now and support the local journalism YOU rely on and trust.

Allison Pries may be reached at apries@njadvancemedia.com.

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This April, one of Inman’s most popular recurring theme months returns: Back to Basics. All month, real estate professionals from across the country share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally and professionally to drive growth in 2022. It’s always smart to go Back to Basics with Inman.

Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.

It seems that everyone is thinking about teams these days — starting one, joining one or running one. To hear people talk, you’d think there was something magical about the structure of a team or the concept itself. However, all teams are not created equal, and not all teams are equally successful.

As we wind down Back to Basics Month and gear up for Teams, we want to know: What’s the biggest mistake teams are making right now? What’s hampering their growth and effectiveness? Have you been part of a dysfunctional team yourself? What did you learn from the experience? Let us know below.

We’ll compile a list of the top responses and post them on Inman next Tuesday.

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Looking for a quick catch-up on the buzziest stories of the week? Here’s Inman Top 5, the most essential stories of the week, according to Inman readers.

A U.S. District Court judge granted class certification in one of two federal commission lawsuits that could rock the real estate industry and impact how agents are compensated nationwide.

Agents and brokers told Inman they’re reeling over a federal court’s decision to grant class action status in a commission suit that could rock the real estate industry by changing how they’re paid.

Three-judge panel concludes trade group must face allegations that the Clear Cooperation Policy was part of a group boycott to prevent The PLS from competing with MLSs, leaving agents with fewer choices, inflated prices and lower-quality products.

ARM loans accounted for 17 percent of mortgage applications by dollar volume, with the average borrower seeking a $728,900 loan.

Sometimes it’s OK to let a few things fall off the to-do list to prioritize the things that absolutely need to get done — and to keep one’s mental health in check. But agents should be discerning in deciding what to let go of and what really can’t be put off.

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