The month of May showed a robust increase in sales, a moderate increase in price and a marked decrease in days on the market. The District and Fairfax County both showed an increase of 13.3% in dollar volume of sales over last year, and Arlington hit it out of the park with an increase of 31%. While Montgomery County and Alexandria lagged behind with slightly negative sales numbers, all the jurisdictions showed a decrease in days on the market. Arlington led in lowest days on the market with 24% lower and also showed the highest average price of +8.4%.
These numbers are strong, but don’t seem to indicate a “bubble” market, since the steady moderate increase in price is largely due to the tremendous shortage of product, especially in the close-in areas where demand is the highest. Right now, there seems to be nothing happening which would increase the number of properties for sale on the market, so we can anticipate similar numbers in June.