statpak april 2020 northern virginia…northern virginia statpak april 2020 mcenearney.com contracts...

Copyright © 2020 – McEnearney Associates Northern Virginia StatPak -

Unless otherwise noted, data derived from Bright MLS. “Northern Virginia” is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax.

NORTHERN VIRGINIA APRIL 2020 STATPAK

McEnearney.com

CONTRACTS Contract activity in March 2020 was down 13.5% from March 2019 and was down in five of the six price categories. Through the first three months of the year, contract activity is down 1.1%. The average number of days on the market for homes receiving contracts was 16 days in March 2020, down from 21 days in March of last year. URGENCY INDEX The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in March compared to last March. During the past 16 years, the Index has been as high as 95% (April 2004) and as low as 23% (November 2006). In March 2020, the Urgency Index was 91.5%, up from 85.0% in March 2019. And that is Northern Virginia’s highest March Urgency Index since we started tracking this 12 years ago. INVENTORY The number of homes on the market at the end of March was down 17.1% compared to the end of March 2019 and was lower in five price categories. The number of new listings coming on the market decreased 7.7% compared to March of 2019. The decrease in inventory offset the decrease in contract activity keeping overall supply at 0.9 months, the same as at the end of March 2019. That’s the lowest supply in the metro area. INTEREST RATES 30-year fixed mortgage interest rates at the end of March stood at 3.33%, about three quarters of a point lower than this time last year, but almost the same as the end of last month. The liquidity issues in the mortgage industry brought on by the COVID-19 pandemic have created enormous volatility in rates since mid-March, and there is no consensus among economists where rates are headed. AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 27.6% higher than it was a decade ago in March 2010, but the median price is up 57%. The payment is 1.7% lower than March of last year because of lower interest rates. The mortgage payment for a median priced home ($2,300) was lower in March than the median rented price ($2,543). DIRECTION OF THE MARKET While the overall numbers for March are positive, the reality is that the COVID-19 pandemic began to significantly impact the region’s real estate market – and just about everything else – in the second half of the month. With “stay-at-home” orders in place, the physical showings of homes to potential purchasers very appropriately dropped by almost two thirds. Nonetheless, new contract activity dropped by less than half that amount. “Virtual” online showings are proving to be very effective. While the market shift is undeniable, over 4,000 homes have gone under contract in the second half of March and first week of April in the metro area. We know it’s going to be challenging for an undetermined period of time but, as we said last month, this is a very resilient market.

MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR MARCH 2020


MONTHLY SUMMARY MARCH 2019 vs. MARCH 2020

March March %NORTHERN VIRGINIA 2019 2020 Change

Number of Sales 1,581 1,822 15.2%Fully Available Inventory on 3/31 2,252 1,868 -17.1%Number of New Listings 3,010 2,778 -7.7%Number of New Contracts 2,408 2,082 -13.5%Days on Market - New Contracts 21 16 -23.8%Average Sales Price $595,597 $649,554 9.1%Average Seller Subsidy $2,064 $1,761 -14.7%Urgency Index 85.0% 91.5% 7.6%Months' Supply 0.9 0.9 0.0%

LOUDOUN COUNTYNumber of Sales 508 565 11.2%Fully Available Inventory on 3/31 849 708 -16.6%Number of New Listings 924 983 6.4%Number of New Contracts 718 693 -3.5%Days on Market - New Contracts 25 18 -28.0%Average Sales Price $526,328 $590,068 12.1%Average Seller Subsidy $2,714 $2,312 -14.8%Urgency Index 82.6% 89.2% 8.0%Months' Supply 1.2 1.0 -13.6%

WASHINGTON, DCNumber of Sales 670 817 21.9%Fully Available Inventory on 3/31 1,261 1,226 -2.8%Number of New Listings 1,204 1,158 -3.8%Number of New Contracts 948 790 -16.7%Days on Market - New Contracts 33 31 -6.1%Average Sales Price $725,953 $732,639 0.9%Average Seller Subsidy $2,367 $2,678 13.1%Urgency Index 74.1% 75.6% 2.0%Months' Supply 1.3 1.6 16.7%

MONTGOMERY COUNTYNumber of Sales 786 988 25.7%Fully Available Inventory on 3/31 1,812 1,353 -25.3%Number of New Listings 1,730 1,553 -10.2%Number of New Contracts 1,279 1,164 -9.0%Days on Market - New Contracts 39 29 -25.6%Average Sales Price $530,955 $552,591 4.1%Average Seller Subsidy $3,495 $3,201 -8.4%Urgency Index 71.4% 81.4% 14.0%Months' Supply 1.4 1.2 -18.0%

PRINCE GEORGE'S COUNTYNumber of Sales 767 791 3.1%Fully Available Inventory on 3/31 1,537 1,093 -28.9%Number of New Listings 1,296 1,167 -10.0%Number of New Contracts 1,265 1,030 -18.6%Days on Market - New Contracts 52 35 -32.7%Average Sales Price $303,281 $333,933 10.1%Average Seller Subsidy $5,946 $6,162 3.6%Urgency Index 56.8% 71.8% 26.4%Months' Supply 1.2 1.1 -12.7%

* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend


YEAR-TO-DATE SUMMARY 2019 vs. 2020

Jan-Mar Jan-Mar %NORTHERN VIRGINIA 2019 2020 Change

Number of Closed Sales 3,863 4,092 5.9%Average Month-End Available Inventory 1,947 1,654 -15.1%Number of New Listings 6,532 6,582 0.8%Number of New Contracts 5,324 5,265 -1.1%Days on Market - New Contracts 30 26 -10.8%Average Sales Price $580,651 $636,914 9.7%Average Seller Subsidy $2,470 $2,099 -15.0%Average Urgency Index 76.6% 82.6% 7.9%Average Months' Supply 1.1 0.9 -14.1%

LOUDOUN COUNTYNumber of Closed Sales 1,092 1,186 8.6%Average Month-End Available Inventory 764 647 -15.3%Number of New Listings 2,156 2,205 2.3%Number of New Contracts 1,613 1,647 2.1%Days on Market - New Contracts 35 30 -14.2%Average Sales Price $526,533 $569,116 8.1%Average Seller Subsidy $3,022 $2,565 -15.1%Average Urgency Index 74.3% 81.7% 10.0%Average Months' Supply 1.4 1.2 -17.1%

WASHINGTON, DCNumber of Closed Sales 1,692 2,013 19.0%Average Month-End Available Inventory 1,224 1,204 -1.6%Number of New Listings 3,006 3,172 5.5%Number of New Contracts 2,326 2,429 4.4%Days on Market - New Contracts 45 42 -6.0%Average Sales Price $709,143 $721,009 1.7%Average Seller Subsidy $2,712 $2,852 5.2%Average Urgency Index 63.5% 65.8% 3.7%Average Months' Supply 1.6 1.5 -5.8%

MONTGOMERY COUNTYNumber of Closed Sales 1,938 2,418 24.8%Average Month-End Available Inventory 1,625 1,306 -19.7%Number of New Listings 3,732 3,967 6.3%Number of New Contracts 2,962 3,141 6.0%Days on Market - New Contracts 53 41 -21.9%Average Sales Price $525,759 $548,410 4.3%Average Seller Subsidy $3,884 $3,651 -6.0%Average Urgency Index 60.8% 68.8% 13.2%Average Months' Supply 1.6 1.2 -24.2%

PRINCE GEORGE'S COUNTYNumber of Closed Sales 1,974 2,133 8.1%Average Month-End Available Inventory 1,645 1,162 -29.4%Number of New Listings 3,402 3,403 0.0%Number of New Contracts 3,261 2,996 -8.1%Days on Market - New Contracts 57 44 -23.1%Average Sales Price $297,612 $328,589 10.4%Average Seller Subsidy $5,781 $6,209 7.4%Average Urgency Index 49.9% 62.1% 24.6%Average Months' Supply 1.5 1.2 -23.2%

* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend

Year-to-Date


NORTHERN VIRGINIA – Detail Pages (Fairfax & Arlington Counties, Alexandria, Falls Church and Fairfax Cities)

BUYING POWER • A $1,000 principal and interest

payment supported a loan of $227,475 at the end of March, which is $19,523 more than March 2019, and $37,970 more than March 2009.

• In March 2010, it would have taken a monthly PI payment of $1,994 to purchase a median-priced home – now it takes $2,543, a 27.6% increase.

• Lower interest rates have helped offset the $210,000 increase (up 57%) in the median price since March 2010.

BUYING POWER Mortgage Amount with $1,000 Payment

AVERAGE PRICES • The average sales price in March

2020 was $649,554, up 9.1% from the March 2019 average price of $595,597.

• The median sales price was $578,450 in March 2020, up 7.5% from the median price in March 2019.

• Remember that these indicators are arithmetic computations based on all properties sold and do not indicate the appreciation or depreciation of any individual property.

AVERAGE SALES PRICE Northern Virginia – 2012-Current

MORTGAGE RATES • 30-year fixed interest rates at

the end of March averaged 3.33%, compared to 4.06% at the end of March 2019.

• One-year adjustable rate mortgages were 3.4% at the end of March 2019, which is down from 3.75% at the end of March 2019.

• Volatility in the mortgage market has created an unusual situation – 1-year adjustable mortgages were priced higher than fixed-rate loans at the end of March.

30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES Month-End Mortgage Rates – 2013-Current

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URGENCY INDEX – DC Metro Area • The average March Urgency

Index during the past 12 years for all five of the jurisdictions we track is 66.0% – significantly lower than where we are today, which is 83.5% for all five jurisdictions.

• Northern Virginia is in first place this month. As noted above, it is at its 12-year peak.

URGENCY INDEX DC Metro Area by Jurisdiction Comparison – March 2020

URGENCY INDEX - March • During the past 12 years, the

March Urgency Index has been as high as 91.5% and as low as 44.4%. And we’re at that high mark now.

• The average March Urgency Index in Northern Virginia during the past 12 years is 71.3% – which is significantly lower than where we are today.

• Contract activity is down 13.5% from last March – but the Urgency Index increased from 85.0% to 91.5%.

URGENCY INDEX Northern Virginia – March 2009-2020

URGENCY INDEX – 2016-Current • This chart compares the number

of contracts (green line) to the percent that were on the market 30 days or less (blue bars). At first glance, it might appear that the lower contract activity also means a lower percentage of homes that sell quickly – but that’s not always true.

• Across the DC metro area, as contract activity fell in the second half of March in reaction to the COVID-19 pandemic, the urgency index actually rose.

URGENCY INDEX % of Contracts on the Market for 30 Days or Less

Northern Virginia – 2016-Current

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FULLY AVAILABLE LISTINGS • As noted on page 2, the month-

end inventory decreased 17.1% for March 2020 compared to March 2019 – and the number of homes coming on the market decreased 7.7%.

• Inventory is down for all but the highest price category.

• 23.7% of all homes on the market have had at least one price reduction since coming on the market. Last March 23.8% of all homes on the market had at least one price reduction.

MONTHS’ SUPPLY • The overall supply of homes on

the market at the end of March was 0.9 months, which remained the same compared to the end of March 2019. Northern Virginia has the lowest supply in the region.

• Price category supply ranges from a low of 0.4 months for homes priced $300,000-$499,999 and a high of 8.8 months for homes priced $1,500,000 and higher.

FULLY AVAILABLE LISTINGS Northern Virginia – March 31, 2019 vs. March 31, 2020

MONTHS’ SUPPLY Northern Virginia – End of March 2019 vs. End of March 2020

NEW CONTRACT ACTIVITY • The number of new contracts

ratified in March 2020 was down 13.5% from the number of contracts ratified in March 2019 and was down for five price categories.

• As noted on page 3, contract activity year-to-date is down 1.1%.

• Only 8.4% of all homes going under contract in March 2020 had at least one price reduction before going under contract. Last March it was 12.7%.

NEW CONTRACT ACTIVITY Northern Virginia – March 2019 vs. March 2020 by Price Range

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0 100 200 300 400 500 600 700 800

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999

$1,500,000 and higher

# of New Contracts

March 2020

March 2019


RELATIONSHIP OF SALES PRICE TO ORIGINAL PRICE vs. DAYS ON MARKET • As we have noted in this space

for years, initial pricing strategy is critical to sellers’ success.

• Homes settling in March 2020 that received contracts their first week on the market sold, on average, 2.0% above original list price. Those that took 4 months or longer to sell sold for 6.9% below original list price.

SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA • All data describing “Northern Virginia” include the counties of Arlington and Fairfax, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon & Clifton • The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed • “Sales” are transactions that settled during the statistical period; “Under Contracts” are contracts negotiated during the statistical period, but not yet settled • “Available Listings” reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. • “Months’ Supply” is simply the number of “Fully Available Listings” on the market at the end of the month divided by the number of “Contracts” ratified that month.

NUMBER OF NEW LISTINGS AND CONTRACTS; ACTIVE LISTINGS

Northern Virginia – January 2014-Current

RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET

Resale Properties Sold in Northern Virginia – March 2019 vs. March 2020

AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS • The average number of days on

the market for homes receiving contracts in March was down for four price categories.

• Overall, the average number of days on the market for homes receiving contracts in March 2020 was just 16 days, down 23.8% from 21 days in March 2019.

NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS • There were 2,778 new listings

that came on the market in March 2020, down 7.7% from the 3,010 in March 2019.

• The lines representing active listings (green), new listings (blue) and new contracts (red) have narrowed since the middle of last year, and now overlap.

AVERAGE NUMBER OF DAYS ON MARKET Northern Virginia – March 2019 vs. March 2020 – New Contracts

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12.9

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$0 - $299,999

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March 2020

March 2019


Analysis by Property Type – Condo/Co-op

CONDO/CO-OP – LISTINGS • The number of new listings for

condos and co-ops coming on the market was down 5.9% compared to March 2019.

• The fully available inventory of condos as of March 31, 2020 was 2.2% less than the same time in 2019.

LISTINGS

CONDO/CO-OP – CONTRACTS • The number of condos and

co-ops receiving ratified contracts decreased 19.9% in March 2020 compared to March 2019.

• Year-to-date, contract activity is down 8.1% compared to 2019.

CONTRACTS

CONDO/CO-OP – SETTLEMENTS AND AVERAGE PRICE • The number of condos and

co-ops settling in March 2020 increased 7.5% compared to March 2019. Year-to-date, the number of settlements is up just 0.5%.

• The average price was up 6.4% compared to March 2019.

• Year-to-date, the average price is up 9.5%.

SETTLEMENTS

Condo/Co-opListings 2019 2020 % Change 2019 2020 % Change$299,999 and under 329 280 -14.9% 156 147 -5.8%$300,000 - $499,999 293 304 3.8% 129 135 4.7%$500,000 - $749,999 113 113 0.0% 101 94 -6.9%$750,000 - $999,999 23 19 -17.4% 31 24 -22.6%$1,000,000 - $1,499,999 12 7 -41.7% 20 22 10.0%$1,500,000 & higher 6 7 16.7% 21 26 23.8%Grand Total: 776 730 -5.9% 458 448 -2.2%

New This Month Total Active

Condo/Co-opContracts 2019 2020 % Change 2019 2020 % Change$299,999 and under 332 237 -28.6% 811 655 -19.2%$300,000 - $499,999 259 227 -12.4% 584 613 5.0%$500,000 - $749,999 69 69 0.0% 165 165 0.0%$750,000 - $999,999 20 13 -35.0% 56 45 -19.6%$1,000,000 - $1,499,999 6 2 -66.7% 11 10 -9.1%$1,500,000 & higher 1 2 100.0% 4 11 175.0%Grand Total: 687 550 -19.9% 1631 1499 -8.1%

Year-To-DateNew This Month

Condo/Co-opSettlements 2019 2020 % Change 2019 2020 % Change$299,999 and under 240 222 -7.5% 615 527 -14.3%$300,000 - $499,999 169 222 31.4% 458 520 13.5%$500,000 - $749,999 65 56 -13.8% 133 143 7.5%$750,000 - $999,999 14 16 14.3% 24 38 58.3%$1,000,000 - $1,499,999 2 9 350.0% 9 14 55.6%$1,500,000 & higher 1 3 200.0% 2 5 150.0%Grand Total: 491 528 7.5% 1241 1247 0.5%

Average Sales Price: Mar 2019 Mar 2020 % Change YTD 2019 YTD 2020 % ChangeCondo/Co-op $350,729 $373,101 6.4% $339,949 $372,365 9.5%

New This Month Year-To-Date


Analysis by Property Type – Fee Simple Attached

ATTACHED HOMES – LISTINGS • The number of new listings

coming on the market in March 2020 for fee simple attached homes decreased 2.7% from March 2019.

• Fully active inventory at the end of March was down 5.7% compared to the available inventory at the end of March 2019.

LISTINGS

ATTACHED HOMES – CONTRACTS • Contract activity for attached

homes decreased 4.5% in March 2020 compared to March 2019.

• Year-to-date, contract activity is up 4.2%.

CONTRACTS

ATTACHED HOMES – SETTLEMENTS AND AVERAGE PRICE • The number of settlements

increased 18.8% in March 2020 compared to March 2019. Year-to-date, the number of settlements increased 10.3%.

• The average sales price increased 7.0% in March 2020 compared to March 2019.

• The average price year-to-date is up 5.8%.

SETTLEMENTS

Fee Simple AttachedListings 2019 2020 % Change 2019 2020 % Change$299,999 and under 14 2 -85.7% 3 0 -100.0%$300,000 - $499,999 348 298 -14.4% 92 70 -23.9%$500,000 - $749,999 244 252 3.3% 119 115 -3.4%$750,000 - $999,999 51 65 27.5% 36 44 22.2%$1,000,000 - $1,499,999 14 33 135.7% 18 21 16.7%$1,500,000 & higher 6 9 50.0% 13 15 15.4%Grand Total: 677 659 -2.7% 281 265 -5.7%


Fee Simple AttachedContracts 2019 2020 % Change 2019 2020 % Change$299,999 and under 14 2 -85.7% 31 18 -41.9%$300,000 - $499,999 318 274 -13.8% 715 645 -9.8%$500,000 - $749,999 194 223 14.9% 407 511 25.6%$750,000 - $999,999 45 50 11.1% 92 117 27.2%$1,000,000 - $1,499,999 19 16 -15.8% 41 47 14.6%$1,500,000 & higher 5 3 -40.0% 11 14 27.3%Grand Total: 595 568 -4.5% 1297 1352 4.2%


Fee Simple AttachedSettlements 2019 2020 % Change 2019 2020 % Change$299,999 and under 7 4 -42.9% 20 18 -10.0%$300,000 - $499,999 205 202 -1.5% 515 485 -5.8%$500,000 - $749,999 131 190 45.0% 316 425 34.5%$750,000 - $999,999 28 34 21.4% 73 82 12.3%$1,000,000 - $1,499,999 11 18 63.6% 32 36 12.5%$1,500,000 & higher 1 7 600.0% 4 13 225.0%Grand Total: 383 455 18.8% 960 1059 10.3%

Average Sales Price: Mar 2019 Mar 2020 % Change YTD 2019 YTD 2020 % ChangeFee Simple Attached $534,176 $571,733 7.0% $535,274 $566,496 5.8%



DETACHED HOMES – CONTRACTS • There was a decrease of 14.4% in

the number of contracts on detached homes in March 2020 compared to March 2019.

• There is basically no inventory for would-be purchasers looking to buy for less than $300,000.

• Year-to-date, contract activity is up just 0.8%.

CONTRACTS

DETACHED HOMES – SETTLEMENTS AND AVERAGE PRICE • The number of settlements in

March was up 18.7% compared to last March. Year-to-date, the number of settlements has increased 7.5%.

• The average sales price for detached homes increased 8.4% in March 2020 compared to March 2019.

• The average sales price year-to-date is up 9.8%.

SETTLEMENTS

Analysis by Property Type – Fee Simple Detached

DETACHED HOMES – LISTINGS • The number of new listings for

fee simple detached homes decreased 10.8% in March 2020 compared to March 2019.

• The number of detached homes on the market on March 31, 2020 was down 23.7% compared to March 31, 2019.

LISTINGS

Fee Simple DetachedListings 2019 2020 % Change 2019 2020 % Change$299,999 and under 0 0 - 0 0 -$300,000 - $499,999 118 82 -30.5% 50 23 -54.0%$500,000 - $749,999 588 528 -10.2% 335 237 -29.3%$750,000 - $999,999 437 401 -8.2% 373 225 -39.7%$1,000,000 - $1,499,999 245 216 -11.8% 352 235 -33.2%$1,500,000 & higher 169 162 -4.1% 403 435 7.9%Grand Total: 1557 1389 -10.8% 1513 1155 -23.7%


Fee Simple DetachedContracts 2019 2020 % Change 2019 2020 % Change$299,999 and under 0 0 - 3 4 33.3%$300,000 - $499,999 117 74 -36.8% 272 187 -31.3%$500,000 - $749,999 487 417 -14.4% 1065 998 -6.3%$750,000 - $999,999 291 301 3.4% 602 721 19.8%$1,000,000 - $1,499,999 159 123 -22.6% 314 323 2.9%$1,500,000 & higher 72 49 -31.9% 140 181 29.3%Grand Total: 1126 964 -14.4% 2396 2414 0.8%


Fee Simple DetachedSettlements 2019 2020 % Change 2019 2020 % Change$299,999 and under 0 0 - 5 1 -80.0%$300,000 - $499,999 66 52 -21.2% 207 152 -26.6%$500,000 - $749,999 333 342 2.7% 769 756 -1.7%$750,000 - $999,999 175 268 53.1% 397 474 19.4%$1,000,000 - $1,499,999 97 119 22.7% 199 265 33.2%$1,500,000 & higher 36 58 61.1% 85 138 62.4%Grand Total: 707 839 18.7% 1662 1786 7.5%

Average Sales Price: Mar 2019 Mar 2020 % Change YTD 2019 YTD 2020 % ChangeFee Simple Detached $798,928 $865,735 8.4% $786,592 $863,378 9.8%



Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # Contracts/(# Contracts + # Available).] An example: The absorption rate for detached homes priced $500,000-$749,999 in March 2020 was 63.8%. That compares to a rate of 59.2% in March 2019, and the increase means the market was better in 2020 for that type of home. If the absorption rate was less in 2020 than in 2019, we have put the 2020 rate in red. This month there was improvement for 9 of 17 individual price categories with activity, and one remained the same.

ABSORPTION RATES – CONDOS AND CO-OPS • The overall absorption rate for

condos and co-ops for March 2020 was 55.1%, a decrease from the 60.0% rate in March 2019.

ABSORPTION RATES – ATTACHED HOMES • The overall absorption rate for

attached homes in March 2020 was 68.2%, a slight increase from the 67.9% rate in March 2019.

ABSORPTION RATES – DETACHED HOMES • March 2020’s absorption rate for

detached homes was 45.5%, a significant increase from the 42.7% rate in March 2019.

• There were no homes priced less than $300K on the market at the end of the month.

Condo/Co-opAbsorption Rates Listings Contracts Rate Listings Contracts Rate$299,999 and under 156 332 68.0% 147 237 61.7%$300,000 - $499,999 129 259 66.8% 135 227 62.7%$500,000 - $749,999 101 69 40.6% 94 69 42.3%$750,000 - $999,999 31 20 39.2% 24 13 35.1%$1,000,000 - $1,499,999 20 6 23.1% 22 2 8.3%$1,500,000 & higher 21 1 4.5% 26 2 7.1%Grand Total: 458 687 60.0% 448 550 55.1%

March 2019 March 2020

Fee Simple AttachedAbsorption Rates Listings Contracts Rate Listings Contracts Rate$299,999 and under 3 14 82.4% 0 2 100.0%$300,000 - $499,999 92 318 77.6% 70 274 79.7%$500,000 - $749,999 119 194 62.0% 115 223 66.0%$750,000 - $999,999 36 45 55.6% 44 50 53.2%$1,000,000 - $1,499,999 18 19 51.4% 21 16 43.2%$1,500,000 & higher 13 5 27.8% 15 3 16.7%Grand Total: 281 595 67.9% 265 568 68.2%

March 2019 March 2020

Fee Simple DetachedAbsorption Rates Listings Contracts Rate Listings Contracts Rate$299,999 and under 0 0 - 0 0 -$300,000 - $499,999 50 117 70.1% 23 74 76.3%$500,000 - $749,999 335 487 59.2% 237 417 63.8%$750,000 - $999,999 373 291 43.8% 225 301 57.2%$1,000,000 - $1,499,999 352 159 31.1% 235 123 34.4%$1,500,000 & higher 403 72 15.2% 435 49 10.1%Grand Total: 1513 1126 42.7% 1155 964 45.5%

March 2020March 2019


NEW CONTRACT ACTIVITY

• Overall contract activity in the 1st quarter of 2020 increased just 0.7% for the postal addresses of McLean and Great Falls compared to the 1st quarter of 2019.

• Contract activity increased for four price categories.

NEW CONTRACT ACTIVITY McLean and Great Falls – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS • The average number of days on

the market for homes receiving contracts in the 1st quarter of 2020 increased for four price categories compared to the same months in 2019.

• Overall days on the market increased 31.1% from the 1st quarter of 2019.

AVERAGE DAYS ON MARKET FOR NEW CONTRACTS McLean and Great Falls – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

Focus on McLean and Great Falls – 1st Quarter of 2019 vs. 1st Quarter of 2020

NUMBER OF CONDO, ATTACHED HOME AND DETACHED HOME CONTRACTS • The number of condos going

under contract in the 1st quarter of 2020 decreased 18.6% compared to the 1st quarter of 2019.

• The number of attached homes receiving contracts remained the same.

• Detached homes receiving contracts increased 8.0%.

NUMBER OF CONDO, ATTACHED AND DETACHED HOME CONTRACTS

McLean and Great Falls – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

22

37

20

71

69

61

8

40

13

73

70

78

0 10 20 30 40 50 60 70 80 90

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999


# of New Contracts

1st Qtr 2020

1st Qtr 2019


NEW CONTRACT ACTIVITY

• Contract activity in the 1st quarter of 2020 decreased 4.3% in Arlington County and Falls Church City compared to the 1st quarter of 2019.

• Contract activity decreased for three price categories.

NEW CONTRACT ACTIVITY Arlington County, Falls Church City – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS • The average number of days a

home was on the market before receiving a contract decreased for all price categories.

• Overall time on the market decreased 27.2% to 23.5 days for the 1st quarter of 2020.

AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Arlington County, Falls Church City – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

Focus on Arlington Co. & Falls Church City – 1st Qtr. of 2019 vs. 1st Qtr. of 2020

NUMBER OF CONDO, ATTACHED HOME AND DETACHED HOME CONTRACTS • Condos represent the largest

segment of the Arlington market, and the number of condos receiving contracts in the 1st quarter of 2020 increased just 0.3% from 2019.

• Attached home contracts decreased 8.2%, while detached homes decreased 13.0%.


Arlington County, Falls Church City – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

100

180

136

144

95

43

100

144

138

142

89

55

0 20 40 60 80 100 120 140 160 180 200

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999


# of New Contracts

1st Qtr 2020

1st Qtr 2019

361

69

268

362

60

246

0

50

100

150

200

250

300

350

400

Condo/Co-op Attached Detached

# of C

ontra

cts

1st Qtr 2019

1st Qtr 2020


NEW CONTRACT ACTIVITY • Contract activity in the City of

Alexandria decreased 2.2% in the 1st quarter of 2020 compared to the 1st quarter of 2019.

• Contract activity was down for four of the six price categories and one remained the same.

NEW CONTRACT ACTIVITY City of Alexandria – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS • Overall days on the market

decreased 4.8% for the 1st quarter of 2020.

• The average number of days a home was on the market before receiving a contract decreased for two price categories.

AVERAGE DAYS ON MARKET FOR NEW CONTRACTS City of Alexandria – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

Focus on City of Alexandria – 1st Quarter of 2019 vs. 1st Quarter of 2020

NUMBER OF CONDO, ATTACHED HOME AND DETACHED HOME CONTRACTS • The number of detached homes,

the smallest part of the Alexandria City market, going under contract increased 11.5%.

• Contract activity in the condo market decreased 1.5% and attached homes activity decreased 10.2%.


City of Alexandria – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

170

130

171

97

46

17

151

136

161

94

45

30

0 20 40 60 80 100 120 140 160 180 200

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999


# of New Contracts

1st Qtr 2020

1st Qtr 2019


NEW CONTRACT ACTIVITY • “South Alexandria” refers to

those portions of Fairfax County with an Alexandria mailing address.

• Contract activity decreased 2.5% in the 1st quarter of 2020 compared to the 1st quarter of 2019.

• Contract activity was down for three of the six price categories.

NEW CONTRACT ACTIVITY Fairfax County portions of Alexandria – Jan.-Mar. 2019 vs. Jan.-Mar. 2020


home was on the market before receiving a ratified contract decreased for four price categories.

• Overall days on market decreased by 5.1% for the 1st quarter of 2020 compared to the same months for 2019.

AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Fairfax County portions of Alexandria – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

Focus on South Alexandria – 1st Quarter of 2019 vs. 1st Quarter of 2020 (The part of Fairfax County with an Alexandria mailing address)

NUMBER OF CONDO, ATTACHED HOME AND DETACHED HOME CONTRACTS • Condo contract activity

decreased 16.7% in the 1st quarter of 2020 compared to the 1st quarter of 2019.

• Attached home activity increased 4.3%, and detached home activity decreased 4.5%.


Fairfax County portions of Alexandria – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

119

261

266

57

11

2

91

247

250

91

14

5

0 50 100 150 200 250 300

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999


# of New Contracts

1st Qtr 2020

1st Qtr 2019


Focus on Oakton, Reston and Vienna – 1st Qtr. of 2019 vs. 1st Qtr. of 2020

NEW CONTRACT ACTIVITY • Overall contract activity in

Oakton, Reston and Vienna increased 1.5% in the 1st quarter of 2020 compared to the 1st quarter of 2019.

• Contract activity decreased for two price categories.

NEW CONTRACT ACTIVITY Oakton, Reston and Vienna – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS • The overall average number of

days a home was on the market in Oakton, Reston and Vienna in the 1st quarter of 2020 increased 1.4% compared to the 1st quarter of 2019.

• The average number of days a home was on the market before receiving a contract decreased for four price categories.

AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Oakton, Reston and Vienna – Jan.-Mar. 2019 vs. Jan.-Mar. 2020


under contract in the 1st quarter of 2020 decreased just 0.5%.

• The number of attached homes going under contract increased 11.6%, while detached home contract activity decreased 2.4%.


Oakton, Reston and Vienna – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

99

163

169

136

61

19

89

175

150

147

72

24

0 20 40 60 80 100 120 140 160 180 200

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999


# of New Contracts

1st Qtr 2020

1st Qtr 2019


Focus on Remainder of Fairfax County – 1st Qtr. of 2019 vs. 1st Qtr. of 2020

NEW CONTRACT ACTIVITY • In the remainder of Fairfax

County, including Fairfax City, contract activity in the 1st quarter of 2020 decreased just 0.4% compared to the 1st quarter of 2019.

• Contract activity decreased for two price categories.

NEW CONTRACT ACTIVITY Remainder of Fairfax County – Jan.-Mar. 2019 vs. Jan.-Mar. 2020


under contract decreased 20.6% in the 1st quarter of 2020 compared to the 1st quarter of 2019.

• Attached home contract activity increased 8.8% and detached home contract activity increased 3.0%.


Remainder of Fairfax County – Jan.-Mar. 2019 vs. Jan.-Mar. 2020


home was on the market before receiving a ratified contract decreased for five price categories.

• Overall days on the market decreased 21.4% for the 1st quarter of 2020 compared to the 1st quarter of 2019.

AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Remainder of Fairfax County – Jan.-Mar. 2019 vs. Jan.-Mar. 2020

335

800

875

245

84

13

239

703

961

336

90

14

0 200 400 600 800 1,000 1,200

$0 - $299,999

$300,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

$1,000,000 - $1,499,999


# of New Contracts

1st Qtr 2020

1st Qtr 2019

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