Laurel Murphy Real Estates most recent listing reflects what regional market updates are reporting. With low inventory levels, my owners had no competition within their neighborhood at the time of listing their home located as 13305 Burnt Woods Place Germantown, MD 20874
With the neighborhood average 38 DOM the owners priced the house with in the range of the 90 day sold price history. This listing went on late Friday night and was ratified for full list price by Sunday. Being aware of local real estate trends and knowing how to interpret market data is vital to successfully selling your house in the shortest amount of time for the most amount of money.
Washington D.C. and Baltimore Metro areas felt the effect of COVID-19 with the lowest April volume of new listings in ten years, while also reaching a record monthly median sales price and ten-year low for days on market. – BrightMLS
- The DC Metro hit a new median sales price high ($507K) and a decade low for median days on market (7). Homes generally sold at 100.0% of asking price.
- This April had the month’s lowest volume of new listings in the past ten years, as many potential new sellers opted to hold back listing their properties until after the “stay at home” orders end.
- Month-to-month, new listing declined -26.1%; typically, new listings rise 9.2% in April compared to March.
- New pending sales endured their sharpest year-over-year drop in a decade.
- This was the weakest April performance and sharpest March to April decline (-24.4%) in the last ten years.