Based on our Market Action Report for December 2020, we can draw some conclusions about the market this year. The first thing to note is that sales are up 22.6% in DC, and 25.8% in Baltimore compared to December 2019 numbers. Properties are selling much faster!
Average days on the market in DC is down from 36 days December 2019, to 24 days December 2020. Baltimore is down from 60 days to 36, almost cutting the selling time in half. This indicates the market is currently a seller's market, making it a good time to sell your property! The "Days on Market for Sold Properties" graph indicates that selling time has been faster since the springtime, around when the quarantine started.
As for prices, median sales are up 7.1% in DC from last December. Median sales currently sit around $482K. In Baltimore, sales are up 10.7% and median sales sit at $310K.
Selling price per square foot has been steadily rising since the summer, after a quick rise and then fall in the beginning of the year. This reflects the period of uncertainty when quarantine began, but as the dust settled in the summer, the selling price per square foot continued to steadily increase until October when there was a brief dip again. This seems to mimic COVID trends, the second dip occurred in the fall when the restrictions are tightened for a second time.
Selling price and the listing price has remained around 100% for all of 2020, indicating a seller's market. December 2019 the difference between selling and listing price was 98% which indicates a buyer's market. So, as we can see, the market has been shifting to where it stands now.
In past years, inventory and sales have seen a major increase during the warmer months of the year, however this year there was less movement and less new listings. The inventory and sales graphic shows us a steady inventory and sales numbers throughout the year, reflecting the slower nature of 2020 throughout the pandemic.
Now that the vaccine is being rolled out, we can expect to see more movement in this upcoming year as life swings back to as it was before! Stay tuned for more updates and predictions