The housing market in the DC region gave some mixed signals in March.
The March report from Bright MLS out today shows that home prices dropped in the DC area for the second time in four months, presumably a sign of market softening. However, the pace at which homes are selling tells a different story.
"The median days on market was nine days in March, down from 20 in February and 30 in January," the report stated. "The days on market [metric] is just 3 days longer than it was a year ago. Real estate agents shared that multiple offers are still common throughout many parts of the Mid-Atlantic."
While the number of days on market is low, that may have more to do with available supply of homes for sale than strong buyer demand in the market. The report said that the inventory of homes for sale is roughly half where it was in March 2019. In March, new listings in the DC area were down 35% compared to a year ago.
"We are seeing a housing market that is fast paced on a transactional level," Bright MLS chief economist Lisa Sturtevant said. "At the same time, sellers should still be ready to expect buyers to ask for things like home inspections and closing cost assistance, unheard of during the pandemic market.”
Photo Courtesy Old Town Home
This article originally published at https://dc.urbanturf.com/articles/blog/mixed_march_signals_dc-area_home_prices_down_but_homes_selling_quickly/20898.
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