Weekly Meter – June 7-13, 2020
The Washington area real estate market continues to recover from the impact of the COVID pandemic, and the week of June 7-13, 2020 was up 8.5% compared to the same seven-day period last year. That marks the first week-over-year improvement since mid-March and the beginning of the region’s shelter-in-place orders. (There was a very small increase in contract activity for the week of May 24-30, but that was skewed by the timing of the Memorial Day weekend.)
Homes going under contract were on the market for an average of just 24 days last week, and that is 5 days quicker than this same time last year.
Five of the six jurisdictions posted increases in the number of newly ratified contracts – the lone exception was Montgomery County with a modest 2.6% decline. Loudoun County was up 31.0%, Northern Virginia rose 12.4%, and Washington, DC was up 9.1%. Prince George’s County rose 6.0% and Prince William County was up 2.6%.