I’ve been getting a lot of questions about what’s going on here in the D.C. real estate market, so today I’m offering a deeper look into last week’s trends.
We saw 619 properties penned in the D.C. metro area, which represents 103% of where we were last year at this time (600); things are looking very strong given the circumstances. How does it compare with the market we were experiencing two months ago when we entered this COVID-19 crisis in earnest? In the first week of April 2020, pendings were down 48% year over year.
The other important factor I find enlightening is our market’s absorption rate—it tells us the overall health of the market and who’s in control.