Fall into December 2018
As we look at our Fall 2018 real estate market, the data shows a market which has stalled. Unit sales, down year-over-year across the DMV region, were -7.7% in Arlington and Alexandria, -2.2% in Montgomery County, and -9.5% in DC Proper. Yet, average sale prices rose by 2.6% in Arlington and Alexandria, 1.8% in Montgomery County, and 6.6% in DC in October compared to last year. In DC, October’s sold-to-list price was 97.7%, down 0.6% year-over-year. The sold-to-list price in Virginia for October settlements was 97.8% (+0.5% year-over-year) and 96.6% in Montgomery County (+0.2% year-over-year).
This market stall is very common historically – we’ll often see this happen in November and December. This year the stall came early. Why? With the local and national economy strong, we’re attributing the slowdown to October anxiety around elections and turbulence in the stock market.
While the stock market’s roller coaster ride has continued, with the elections behind us, we’re seeing the signs of a market pick-up right now, in late November and early December.
As we look to 2019, we believe the DC market will strengthen and perform very similarly to 2018 – outperforming most of the nation’s markets. And as always, real estate markets are a very local phenomenon – what’s happening on Capitol Hill and neighborhoods like Hill East is very different than what’s happening in Arlington and areas like Aurora Highlands as well as Silver Spring and neighborhoods like Woodside. Whether you’re looking to understand your home’s value as it relates to your overall wealth portfolio or are interested in making a move, we’re always here to help you understand the market and evaluate all your options.