Strong week-over-week surge across DMV! As the ice thaws and temperatures warm, the market is heating up as well. Weekly showings and new contracts are up significantly. We also see a big jump when looking at the DMV weekly activity numbers compared to last year.
Showing Activity
• Fairfax County: 4,238 showings (+25.8% vs last week)
• Montgomery County: 3,521 showings (+20.3% vs last week)
• Arlington: 892 showings (+22.0% vs last week)
• Washington, DC: 2,293 showings (+40.0% vs last week)
New Contracts Soar
• Fairfax County: 262 contracts (+48.0% vs last week, +7.4% vs last year)
• Arlington: 59 contracts (+47.5% vs last week, +20.4% vs last year)
• Montgomery County: 190 contracts (+28.4% vs last week)
• Washington, DC: 152 contracts (+8.6% vs last week)
Inventory Levels
• Washington, DC: 1,970 active listings (-3.9% vs last year)
• Montgomery County: 1,076 active listings (+38.8% vs last year)
• Fairfax County: 834 active listings (+17.8% vs last year)
• Arlington: 284 active listings (+24.6% vs last year)
DC inventory takes a dip compared to the same time period last year. Other surrounding jurisdictions see an increase compared to a year ago, giving buyers a little bit more leverage in negotiations.
The Takeaway
Fairfax and Arlington led the charge with nearly 50% contract growth last week. DC showings exploded by 40%. It’s not completely surprising that many buyers hit the brakes with the inclement weather but we also saw an increase in year over year numbers. While inventory is up YoY (except for DC), buyer demand is also on the rise.