Market Update

April is normally the height of the spring real estate market. Buyers are out shopping for new homes in preparation for summertime moves. Numerous properties are coming on the market daily, and well-priced and well-maintained homes are quickly sold.

This past April brought a much different market, as the coronavirus pandemic continued through the month. We saw a much slower market than usual, as a result of stay-at-home orders, social distancing, and economic fluctuations. A number of consumers started to pause on their real estate transactions toward the end of March and that continued into April.

As we moved through the month and more recently in this past week real estate activity has been trending in more a positive direction. Active, coming soon, and temporarily off-market listings are slightly above where they were last year. New listings are down, but those properties on the market have been selling quicker and for higher prices.

While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many still needed to move and were able to do so while minimizing risk when working with professionals such as our Realtor® team, movers, title companies, banks, home inspectors, stagers, and other partners.

Now, more than ever, our integrated network of services makes a difference. We’re here for you and available to meet (virtually if needed) and answer any questions you might have about buying or selling in today’s market. Even if you just want a complimentary competitive market analysis for your home, we stand ready to assist you. In the meantime, please stay safe and healthy.

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The Fitzpatrick Group offers unparalleled service to all clients in the DC, MD and VA real estate markets. Your complete satisfaction with our service and representation is our number one priority.
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