Mid Atlantic Region Market Update March 2020

Dated: 04/22/2020

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Single Family Homes for Sale in the Mid-Atlantic Region: Detached Properties

In Bright MLS, the median sold price for Detached properties for March was $328,000, representing an increase of 7.5% compared to last month and an increase of 9.3% from Mar 2019. The average days on market for units sold in March was 54 days, 20% below the 5-year March average of 67 days. There was a 2% month over month increase in new contract activity with 15,577 New Pendings; a 4.1% MoM increase in All Pendings (new contracts + contracts carried over from February) to 24,289; and a 1.5% decrease in supply to 30,946 active units.

This activity resulted in a Contract Ratio of 0.78 pendings per active listing, up from 0.74 in February and an increase from 0.54 in March 2019. The Contract Ratio is 50% higher than the 5-year March average of 0.52. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

 

Single Family Homes for Sale in the Mid-Atlantic Region: Attached Properties:

In Bright MLS, the median sold price for Attached properties for March was $264,900, representing an increase of 7.7% compared to last month and an increase of 8.1% from Mar 2019. The average days on market for units sold in March was 41 days, 21% below the 5-year March average of 52 days. There was a 4.1% month over month decrease in new contract activity with 9,856 New Pendings; a 3.1% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 15,006; and a 0.1% increase in supply to 16,303 active units.

This activity resulted in a Contract Ratio of 0.92 pendings per active listing, down from 0.95 in February and an increase from 0.74 in March 2019. The Contract Ratio is 43% higher than the 5-year March average of 0.64. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's  favor.

 

Townhouse Homes for Sale in the Mid-Atlantic Region: Attached Properties

In Bright MLS, the median sold price for Attached/Townhouse properties for March was $256,000, representing an increase of 7.6% compared to last month and an increase of 6.7% from Mar 2019. The average days on market for units sold in March was 41 days, 18% below the 5-year March average of 50 days. There was a 2.1% month over month decrease in new contract activity with 7,241 New Pendings; a 0.7% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 11,243;  and a 0.6% decrease in supply to 11,261 active units.

This activity resulted in a Contract Ratio of 1.00 pendings per active listing, no change from February and an increase from 0.76 in March 2019. The Contract Ratio is 49% higher than the 5-year March average of 0.67. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

 

Condos for Sale in the Mid-Atlantic Region

In Bright MLS, the median sold price for Condo & Coop properties for March was $279,764, representing an increase of 4.4% compared to last month and an increase of 9.3% from Mar 2019. The average days on market for units sold in March was 41 days, 25% below the 5-year March average of 54 days. There was a 9.2% month over month decrease in new contract activity with 2,615 New Pendings; a 9.7% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 3,763; and a 1.7% increase in supply to 5,042 active units.

This activity resulted in a Contract Ratio of 0.75 pendings per active listing, down from 0.84 in February and an increase from 0.67 in March 2019. The Contract Ratio is 32% higher than the 5-year March average of 0.57. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

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Louis Taylor

A seasoned agent that is known for his passion, diligence and unwavering commitment to his clients, Louis Taylor has helped thousands of individuals buy and sell homes across the country for more than....

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