Posted by Frank McKnew on January 14, 2020

With temperatures nearly 10 degrees higher than normal, it’s safe to say this winter has been a mild one! In January 2016, the DC Metropolitan area was hit with one of the largest blizzards we’ve experienced to date. Dulles International Airport recorded 29.3″ of snow, while Prince Georges County recorded 24″, Charles County recorded 23.5″ and Calvert Recorded 16.3″. Roads were closed, businesses were shut down and grocery stores ran dry of bread and bottled water. 

Not only did the storm take a toll on businesses and patrons, but the local housing market slowed down, too. Between January and February 2016, there were more units listed than sold and the average list price was significantly greater than the average sales price. Once a home was put under contract, it took almost 3x longer than usual to close. Because the blizzard shut down inspection companies, title companies and repairmen, steps in the closing process were delayed.

Fast forward to December 2019, the number of units sold is significantly greater than units listed. Although the average sales price is still less than the average list price, the average overall starting price is over $100,000 greater than January/February 2016! So far this winter, it has taken over 50% less time to receive a fully ratified contract and to close on a property. As of today, January 14, 2020, there are 287 new listings, 286 properties under contract, an average list price of $389,700 and the housing market is doing great!