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 October, 2013. 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 – The DC Metro jumps back from a slower September to a higher paced October as we head into the final quarter of the year. Almost all segments show an annual increase over the same time last year and all this while inventory remains at a 12-month high.
2. Median Sold Price – The DC Metro Median Sold Price dropped $7,000 in October, 2013 to $380,000 across all segments in September. While lower than the previous 6 months, this still represents a 4.8% increase over this time last year.
3. Average Days on Market – After reaching a low of 31 ADOM in June, DC Metro has risen slightly to 41 days in October. This is still a very robust market and listings are not sitting on the market for long.
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 97.7% across all segments. However, the ASOLP Ratio has now recorded a 4th straight month of decline which we will be watching with particular interest going forward.
With the normal buying season behind us, these 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. 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.