As we do every Monday after the monthly release of the local statistics, Wilson Realty Group continues our weekly series focused on the DC Metro Region for the month of January, 2014. The DC Metro Region includes Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Montgomery County, Prince George’s County and Washington DC.
1. Market Activity – January was a very slow month for the DC Metro dropping even from December. A lot of the drop could be blamed on the recent weather making showings very difficult, especially over the weekends. However, we will keep an eye on the Activity statistics for February to see if we have a trend dip of if weather was truly the main reason for the slowdown
2. Median Sold Price – The DC Metro Median Sold Price for January, 2014 decreased by over $21,000 across all segments. However, the median sold price of $370,000 is still almost 8% higher than the same time last year.
3. Average Days on Market – After reaching a low of 31 ADOM in June, 2013, DC Metro has almost doubled to 55 days in January. While still historically low, this is a concern as the trend has been increasing over the last several months.
4. Average Sold to Original List Price Ratio – The DC Metro crested in June as it relates to the ASOLP Ratio. But much like the ADOM above, the market is still very strong with the ASOLP Ratio at 96.6% across all segments. However, the ASOLP Ratio has now recorded a 7th straight month of decline which we will be watching with particular interest going forward.
With the first month of 2014 behind us, these real estate statistic numbers are not surprising. At Wilson Realty Group, we help our clients understand market timing each year as it relates to the broader market, interest rates and more specifically the neighborhood dynamics with each transaction.
Don’t waste a single dollar in your next real estate transaction. The trend for DC Metro gives buyers and seller alike even more reason to use Wilson Realty Group for your next move as every dollar in the transaction counts. Call us today, 202-642-5478, and let us tell you how our hybrid model can help save you thousands with your next move.
Wilson Realty Group – Real Simple. Real Savings. Real Results.