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STATPAK

WASHINGTON, DC MAY 2021

McEnearney.com

MARKET IN A MINUTE

A SUMMARY OF MARKET CONDITIONS FOR APRIL 2021

CONTRACTS Contract activity in April 2021 was up 109.0% from April 2020 and was up in all six price categories. Through the first four months of the year, contract activity is up 35.4%. The average number of days on the market for homes receiving contracts was 30 days in April 2021, down from 34 days in April 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 April compared to the year prior. During the past 16 years, the Index has been as high as 83.3% (May 2005) and as low as 30.1% (December 2008). In April 2021, the Urgency Index was 76.6%, up slightly from 73.6% in April 2020.

INVENTORY The number of homes on the market at the end of April was up 22.0% compared to the end of April 2020, but that is entirely because of a substantial increase in the number of condos on the market. The number of new listings coming on the market increased 91.0% compared to last April – and much of that was condos as well. The increase in contract activity more than offset the increase in inventory, lowering overall supply to 1.5 months from 2.6 months at the end of April 2020.

INTEREST RATES 30-year fixed mortgage interest rates at the end of April stood at 2.98%. It is a quarter of a point lower than this time last year and 20 basis points lower than just last month. We expect rates to vary a bit on either side of 3% over the next few months, with rates gradually climbing higher in the second half of the year.

AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 32.9% higher than a decade ago in April 2011 – but the median price is 65% higher. The payment is 3.3% higher than this time last year despite much higher home prices. The mortgage payment for a median priced home ($2,775) was higher in April than the median rented price ($2,400).

DIRECTION OF THE MARKET Comparisons of this April’s numbers to those of last April aren’t really fair because April 2020 was the low point in the COVID-induced market slowdown. However, every measure we use points to an exceptionally strong seller’s market including urgency index, days on market, absorption rates, contract activity, seller subsidy, and overall supply. Even DC’s rise in inventory has to be viewed carefully, because that is entirely due to a 72% jump in the number of condos on the market. Attached home inventory is down 28% and detached home inventory is off 39%. To give some context to these remarkable measures, this isn’t just because of a comparison to a COVID-depressed market – the numbers for April 2021 are better than those of 2019, and we expect that to continue through the spring and summer.

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. Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 1

MONTHLY SUMMARY APRIL 2020 vs. APRIL 2021 WASHINGTON, DC Number of Sales Fully Available Inventory on 4/30 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply

April 2020 596 1,358 858 531 34 $734,197 $2,540 73.6% 2.6

April 2021 1,069 1,657 1,639 1,110 30 $799,024 $1,718 76.6% 1.5

% Change 79.4% 22.0% 91.0% 109.0% -11.8% 8.8% -32.4% 4.1% -41.6%

MONTGOMERY COUNTY Number of Sales Fully Available Inventory on 4/30 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply

963 1,437 1,056 821 26 $590,446 $3,449 76.0% 1.8

1,382 1,057 1,898 1,557 17 $669,421 $1,032 89.5% 0.7

43.5% -26.4% 79.7% 89.6% -34.6% 13.4% -70.1% 17.8% -61.2%

PRINCE GEORGE'S COUNTY Number of Sales Fully Available Inventory on 4/30 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply

743 1,180 913 826 36 $345,488 $6,168 72.2% 1.4

1,045 574 1,286 1,163 16 $384,492 $2,030 89.8% 0.5

40.6% -51.4% 40.9% 40.8% -55.6% 11.3% -67.1% 24.4% -65.5%

NORTHERN VIRGINIA Number of Sales Fully Available Inventory on 4/30 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply

1,715 1,968 2,074 1,665 19 $668,187 $1,715 85.2% 1.2

2,515 2,136 3,680 2,787 16 $720,483 $786 89.9% 0.8

46.6% 8.5% 77.4% 67.4% -15.8% 7.8% -54.2% 5.5% -35.2%

LOUDOUN COUNTY Number of Sales Fully Available Inventory on 4/30 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply

573 738 676 503 20 $582,013 $2,048 84.7% 1.5

859 316 1,029 859 10 $659,837 $370 96.5% 0.4

49.9% -57.2% 52.2% 70.8% -50.0% 13.4% -81.9% 13.9% -74.9%

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

Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 2

YEAR-TO-DATE SUMMARY 2020 vs. 2021 WASHINGTON, DC Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply

Year-to-Date Jan-Apr Jan-Apr 2020 2021 2,609 3,418 1,242 1,531 4,030 5,305 2,960 4,009 41 37 $724,021 $776,972 $2,781 $2,193 67.2% 70.4% 1.7 1.5

MONTGOMERY COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply

3,381 1,339 5,023 3,962 38 $560,383 $3,593 70.3% 1.4

4,191 904 5,626 5,027 22 $629,577 $1,472 84.6% 0.7

24.0% -32.4% 12.0% 26.9% -42.1% 12.3% -59.0% 20.4% -46.8%

PRINCE GEORGE'S COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply

2,876 1,166 4,316 3,822 42 $332,955 $6,198 64.3% 1.2

3,473 551 4,348 4,168 21 $370,459 $2,670 85.0% 0.5

20.8% -52.7% 0.7% 9.1% -50.3% 11.3% -56.9% 32.2% -56.7%

NORTHERN VIRGINIA Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply

5,807 1,732 8,656 6,930 25 $646,150 $1,985 83.2% 1.0

7,539 1,721 10,568 9,033 23 $690,630 $1,318 83.2% 0.8

29.8% -0.6% 22.1% 30.3% -5.4% 6.9% -33.6% 0.0% -23.8%

LOUDOUN COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply

1,759 670 2,881 2,150 28 $573,317 $2,397 82.4% 1.2

2,326 255 3,123 2,733 12 $641,766 $737 93.7% 0.4

32.2% -61.9% 8.4% 27.1% -55.2% 11.9% -69.2% 13.7% -70.0%

% Change 31.0% 23.2% 31.6% 35.4% -9.4% 7.3% -21.2% 4.7% -9.0%

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

Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 3

WASHINGTON, DC – Detail Pages 30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES Month-End Mortgage Rates – 2014-Current

•

6.00 5.50

1-Year ARM 30-Year Fixed

5.00

Interest Rate

MORTGAGE RATES

•

4.50 4.00

30-year fixed interest rates at the end of April averaged 2.98%, compared to 3.23% at the end of April 2020. One-year adjustable rate mortgages were 2.64% at the end of April 2021, which is down from 3.14% at the end of April 2020.

3.50 3.00 2.50 2.00

BUYING POWER

Mortgage Amount with $1,000 Payment

BUYING POWER •

•

AVERAGES SALE PRICE

Washington, DC – 2013-Current

AVERAGE PRICES •

• •

Copyright © 2021 – McEnearney Associates

A $1,000 principal and interest payment supported a loan of $237,797 at the end of April, which is $7,440 more than April 2020, and $52,781 more than April 2010. In April 2011, it would have taken a monthly PI payment of $2,089 to purchase a medianpriced home. Today it takes a payment of $2,775. That’s a 32.9% increase - but the median price is 66% higher.

The average sales price in April 2021 was $799,024 an increase of 8.8% from the April 2020 average price of $734,197. That’s the highest April average sales price of any metro area jurisdiction – ever. DC has the highest average and median sales prices in the region by more almost $79,000. Remember that these indicators are arithmetic computations only. The big spikes in July and October were largely the result of a significant drop in the number of sales of lower-priced homes.

Washington, DC StatPak - Page 4

URGENCY INDEX – 2017-Current

URGENCY INDEX

% of Contracts on the Market for 30 Days or Less Washington, DC – 2017-Current 100% % of Contracts

90%

# Contracts

80%

1,000

60%

750

50% 40%

500

30% 20%

Number of Contracts

70%

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 may appear that the lower contract activity also means a lower percentage of homes that sell quickly – but that’s not always true.

250

Jan 21

URGENCY INDEX

Washington, DC – April 2010-2021

Mar 21

Nov 20

Jul 20

Sep 20

May 20

Jan 20

Mar 20

Nov 19

Jul 19

Sep 19

May 19

Jan 19

Mar 19

Nov 18

Jul 18

Sep 18

May 18

Jan 18

Mar 18

Nov 17

Jul 17

Sep 17

May 17

0%

Jan 17

10%

Mar 17

% of Contracts on the Market for 30 Days or Less

•

1,250

0

URGENCY INDEX - April • • •

URGENCY INDEX

DC Metro Area by Jurisdiction Comparison – April 2021

URGENCY INDEX – DC Metro Area •

•

Copyright © 2021 – McEnearney Associates

In the past 12 years, the April Urgency Index has been as high as 77.1% and as low as 54.8%. The average April Urgency Index during the past 12 years is 71.1%. Contract activity is up 109.0% from last April – and the Urgency Index increased from 73.6% to 76.6%.

The average April Urgency Index during the past 12 years for all five of the jurisdictions we track is 72.2% – significantly lower than where we are today, which is 88.6% for all five jurisdictions. Of the five jurisdictions, DC has the lowest urgency index this month.

Washington, DC StatPak - Page 5

NEW CONTRACT ACTIVITY

NEW CONTRACT ACTIVITY

Washington, DC – April 2020 vs. April 2021 by Price Range

•

104

$1,500,000 and higher

25

April 2021 137

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

April 2020

•

53 214

$750,000 - $999,999

•

106 272

$500,000 - $749,999

127

As noted on page 2, the number of new contracts ratified in April 2021 was up 109.0% from April 2020. There were increases for all price categories. As noted on page 3, contract activity year-to-date is up 35.4%. 15.0% of all homes going under contract in April had at least one price reduction. Last April it was 19.8%.

299

$300,000 - $499,999

170 84

$0 - $299,999

50

0

50

100

150

200

250

300

350

# of New Contracts

FULLY AVAILABLE LISTINGS

Washington, DC – April 30, 2020 vs. April 30, 2021

FULLY AVAILABLE LISTINGS •

•

MONTHS’ SUPPLY

Washington, DC – End of April 2020 vs. End of April 2021

Copyright © 2021 – McEnearney Associates

As noted on page 2, the available inventory for April 2021 was up 22.0% from April 2020 and inventory increased for four price categories. 27.8% of all homes on the market have had at least one price reduction since coming on the market. In April 2020, 28.7% 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 April 2021 was 1.5 months, down 41.6% from 2.6 months at the end of April 2020.

Washington, DC StatPak - Page 6

AVERAGE NUMBER OF DAYS ON MARKET

AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS

Washington, DC – April 2020 vs. April 2021 – New Contracts 44.8

$1,500,000 and higher

61.7

•

19.6

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

35.3

April 2021

18.8

$750,000 - $999,999

April 2020 31.5

The average number of days on the market for all homes receiving contracts in April 2021 was 30 days, which was down 11.8% from 34 days last April.

23.5

$500,000 - $749,999

29.9 34.3

$300,000 - $499,999

26.8 68.7

$0 - $299,999

59.4 0

10

20

30

40

50

60

70

80

# of Days on Market

NUMBER OF NEW LISTINGS, NEW CONTRACTS, AND ACTIVE LISTINGS Washington, DC – January 2015-Current

NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS •

•

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

Resale Properties Sold in Washington, DC – April 2020 vs. April 2021

There were 1,639 new listings that came on the market in April 2021, a 91.0% increase from the 858 in April 2020. Note how consistent the gap between available inventory (green line) and contract activity (red line) has been over the 5+ years covered by this chart. That’s indicative of a very solid market over a long period of time.

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

•

Initial pricing strategy is critical to the listing process, regardless of market conditions. The longer a home sits on the market, the deeper the discount to its original list price will likely be. Homes settling in April 2021 that received contracts their first week on the market sold, on average, 5.40% above list. Those that took 4 months or longer to sell sold for 5.94% below the original price.

SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA

• • • •

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.

Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 7

Analysis by Property Type – Condo/Co-op LISTINGS

CONDO/CO-OP - LISTINGS

Condo/Co-op Listings

New This Month

•

Total Active

2020

2021

% Change

2020

2021

% Change

$299,999 and under

74

126

70.3%

143

247

72.7%

$300,000 - $499,999

149

365

145.0%

179

443

147.5%

$500,000 - $749,999

119

269

126.1%

188

268

42.6%

$750,000 - $999,999

56

123

119.6%

105

122

16.2%

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

20

39

95.0%

56

68

21.4%

$1,500,000 & higher

10

23

130.0%

47

74

57.4%

Grand Total:

428

945

120.8%

718

1222

70.2%

CONTRACTS

CONDO/CO-OP - CONTRACTS

Condo/Co-op Contracts

New This Month

•

Year-To-Date

2020

2021

% Change

2020

2021

% Change

$299,999 and under

41

75

82.9%

236

295

25.0%

$300,000 - $499,999

108

224

107.4%

538

801

48.9%

$500,000 - $749,999

63

178

182.5%

429

689

60.6%

$750,000 - $999,999

24

64

166.7%

170

277

62.9%

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

6

30

400.0%

52

95

82.7%

$1,500,000 & higher

0

11

-

26

37

42.3%

242

582

140.5%

1451

2194

51.2%

Grand Total:

SETTLEMENTS

Condo/Co-op Settlements

•

New This Month

•

Year-To-Date

2021

% Change

2020

2021

% Change

$299,999 and under

42

76

81.0%

175

250

42.9%

$300,000 - $499,999

106

186

75.5%

469

634

35.2%

$500,000 - $749,999

87

217

149.4%

407

612

50.4%

$750,000 - $999,999

38

70

84.2%

157

256

63.1%

•

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

11

29

163.6%

61

81

32.8%

$1,500,000 & higher

4

12

200.0%

28

26

-7.1%

•

288

590

104.9%

1297

1859

43.3%

Average Sales Price: Condo/Co-op

The number of condos and co-ops receiving ratified contracts increased 140.5% in April 2021 compared to April 2020. Year-to-date, contract activity is up 51.2% compared to 2020.

CONDO/CO-OP – SETTLEMENTS AND AVERAGE PRICE

2020

Grand Total:

The number of new listings for condos and co-ops coming on the market increased 120.8% compared to April 2020. The fully available inventory of condos as of April 30, 2021 was 70.2% more than the same time in 2020.

•

The number of condos and co-ops settling in April 2021 increased 104.9% compared to April 2020. Year-to-date, the number of settlements is up 43.3%. The average price was up 7.7% compared to April 2020. Year-to-date, the average price is down 1.2%.

Apr 2020 Apr 2021 % Change YTD 2020 YTD 2021 % Change $543,318 $585,074 7.7% $570,754 $564,143 -1.2%

Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 8

Analysis by Property Type – Fee Simple Attached LISTINGS

ATTACHED HOMES – LISTINGS

Fee Simple Attached Listings

New This Month

•

Total Active

2020

2021

% Change

2020

2021

% Change

$299,999 and under

10

10

0.0%

17

2

-88.2%

$300,000 - $499,999

64

63

-1.6%

70

35

-50.0%

$500,000 - $749,999

60

84

40.0%

81

49

-39.5%

$750,000 - $999,999

101

155

53.5%

83

70

-15.7%

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

47

105

123.4%

73

57

-21.9%

$1,500,000 & higher

34

72

111.8%

90

85

-5.6%

Grand Total:

316

489

54.7%

414

298

-28.0%

CONTRACTS

ATTACHED HOMES – CONTRACTS

Fee Simple Attached Contracts

New This Month

Year-To-Date

2020

2021

% Change

2020

2021

% Change

$299,999 and under

5

8

60.0%

54

27

-50.0%

$300,000 - $499,999

52

56

7.7%

264

198

-25.0%

$500,000 - $749,999

52

66

26.9%

277

299

7.9%

$750,000 - $999,999

62

122

96.8%

248

384

54.8%

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

32

71

121.9%

147

250

70.1%

$1,500,000 & higher

14

50

257.1%

68

170

150.0%

Grand Total:

217

373

71.9%

1058

1328

25.5%

SETTLEMENTS

Fee Simple Attached Settlements

New This Month

• •

Contract activity for attached homes increased 71.9% in April 2021 compared to April 2020. Year-to-date, contract activity is up 25.5% compared to 2020.

ATTACHED HOMES – SETTLEMENTS AND AVERAGE PRICE

Year-To-Date

2020

2021

% Change

2020

2021

% Change

$299,999 and under

9

4

-55.6%

59

18

-69.5%

$300,000 - $499,999

48

44

-8.3%

215

154

-28.4%

$500,000 - $749,999

56

86

53.6%

242

293

21.1%

$750,000 - $999,999

47

112

138.3%

198

312

57.6%

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

36

80

122.2%

139

244

75.5%

$1,500,000 & higher

13

44

238.5%

66

143

116.7%

Grand Total:

209

370

77.0%

919

1164

26.7%

Average Sales Price: Fee Simple Attached

•

The number of new listings coming on the market in April 2021 for fee simple attached homes increased 54.7% compared to April 2020. The fully active inventory at the end of April decreased 28.0% compared to the available inventory at the end of April 2020.

•

• •

The number of settlements increased 77.0% in April 2021 compared to April 2020. Yearto-date, the number of settlements is up 26.7%. The average sales price was up 19.2% in April 2021 compared to April 2020. The average sales price year-todate is up 21.7%.

Apr 2020 Apr 2021 % Change YTD 2020 YTD 2021 % Change $805,370 $959,680 19.2% $785,898 $956,124 21.7%

Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 9

Analysis by Property Type – Fee Simple Detached LISTINGS

DETACHED HOMES – LISTINGS

Fee Simple Detached Listings

New This Month

•

Total Active

2020

2021

% Change

2020

2021

% Change

$299,999 and under

1

2

100.0%

7

2

-71.4%

$300,000 - $499,999

14

20

42.9%

26

12

-53.8%

$500,000 - $749,999

25

33

32.0%

49

21

-57.1%

$750,000 - $999,999

29

34

17.2%

44

17

-61.4%

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

25

55

120.0%

27

19

-29.6%

$1,500,000 & higher

20

61

205.0%

73

66

-9.6%

Grand Total:

114

205

79.8%

226

137

-39.4%

CONTRACTS

DETACHED HOMES – CONTRACTS

Fee Simple Detached Contracts

New This Month

Year-To-Date

2020

2021

% Change

2020

2021

% Change

$299,999 and under

4

1

-75.0%

21

10

-52.4%

$300,000 - $499,999

10

19

90.0%

82

68

-17.1%

$500,000 - $749,999

12

28

133.3%

96

88

-8.3%

$750,000 - $999,999

20

28

40.0%

95

98

3.2%

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

15

36

140.0%

83

97

16.9%

$1,500,000 & higher

11

43

290.9%

74

126

70.3%

Grand Total:

72

155

115.3%

451

487

8.0%

SETTLEMENTS

Fee Simple Detached Settlements

New This Month

• •

Contract activity for detached homes increased 115.3% in April 2021 compared to April 2020. The number of contracts yearto-date is up 8.0%.

DETACHED HOMES – SETTLEMENTS AND AVERAGE PRICE

Year-To-Date

2020

2021

% Change

2020

2021

% Change

$299,999 and under

1

0

-100.0%

15

7

-53.3%

$300,000 - $499,999

11

11

0.0%

68

48

-29.4%

$500,000 - $749,999

21

18

-14.3%

79

83

5.1%

$750,000 - $999,999

18

14

-22.2%

72

67

-6.9%

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

26

27

3.8%

84

88

4.8%

$1,500,000 & higher

22

39

77.3%

75

102

36.0%

Grand Total:

99

109

10.1%

393

395

0.5%

Average Sales Price: Fee Simple Detached

•

The number of new listings for fee simple detached homes increased 79.8% in April 2021 compared to April 2020. The number of detached homes on the market on April 30, 2021 was down 39.4% compared to April 30, 2020.

•

•

•

The number of settlements increased 10.1% in April 2021 compared to April 2020. Yearto-date, there has been a decrease of just 0.5%. The average sales price for detached homes increased 23.9% in April 2021 compared to April 2020. The average price year-to-date increased 15.4%.

Apr 2020 Apr 2021 % Change YTD 2020 YTD 2021 % Change $1,139,230 $1,411,757 23.9% $1,083,698 $1,250,680 15.4%

Copyright © 2021 – McEnearney Associates

Washington, DC StatPak - Page 10

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 attached homes priced $750,000-$999,999 in April 2021 was 63.5%; that compares to a rate of 42.8% in April 2020, and the increase means the market was better in 2021 for that type of home. If the absorption rate was less in 2021 than in 2020, we have put the 2021 rate in red. This month there was improvement for 16 of 18 individual price categories.

Condo/Co-op Absorption Rates

April 2021

April 2020 Listings Contracts

Rate

Listings Contracts

Rate

$299,999 and under

143

41

22.3%

247

75

23.3%

$300,000 - $499,999

179

108

37.6%

443

224

33.6%

$500,000 - $749,999

188

63

25.1%

268

178

39.9%

$750,000 - $999,999

105

24

18.6%

122

64

34.4%

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

56

6

9.7%

68

30

30.6%

$1,500,000 & higher

47

0

0.0%

74

11

12.9%

Grand Total:

718

242

25.2%

1222

582

32.3%

Fee Simple Attached Absorption Rates

April 2020 Listings Contracts

April 2021 Rate

Listings Contracts

Rate

$299,999 and under

17

5

22.7%

2

8

80.0%

$300,000 - $499,999

70

52

42.6%

35

56

61.5%

$500,000 - $749,999

81

52

39.1%

49

66

57.4%

$750,000 - $999,999

83

62

42.8%

70

122

63.5%

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

73

32

30.5%

57

71

55.5%

$1,500,000 & higher

90

14

13.5%

85

50

37.0%

Grand Total:

414

217

34.4%

298

373

55.6%

Fee Simple Detached Absorption Rates

April 2020 Listings Contracts

April 2021 Rate

Listings

Contracts

Rate

$299,999 and under

7

4

36.4%

2

1

33.3%

$300,000 - $499,999

26

10

27.8%

12

19

61.3%

$500,000 - $749,999

49

12

19.7%

21

28

57.1%

$750,000 - $999,999

44

20

31.3%

17

28

62.2%

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

27

15

35.7%

19

36

65.5%

$1,500,000 & higher

73

11

13.1%

66

43

39.4%

Grand Total:

226

72

24.2%

137

155

53.1%

Copyright © 2021 – McEnearney Associates

ABSORPTION RATES – CONDOS AND CO-OPS •

•

The overall absorption rate for condos and co-ops for April was 32.3%, which was an increase from the 25.2% rate in April 2020. The absorption rate for condos across most price ranges is more balanced in DC than anywhere else in the region.

ABSORPTION RATES – ATTACHED HOMES •

•

The overall absorption rate for attached homes for April was 55.6%, which is an increase from the 34.4% rate in April 2020. Again, look at the balance across most price ranges.

ABSORPTION RATES – DETACHED HOMES • •

April 2021’s absorption rate for detached homes was 53.1%, an increase from 24.2% in April 2020. And the balance among the price ranges is evident here as well.

Washington, DC StatPak - Page 11