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 April, 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 – April real estate statistics for DC Metro jumped higher than March’s gains signaling another robust Spring season in the region. 1,300 more homes came on the market in March and almost 1,000 more homes went under contract vs the previous month. Even though weather played a part in March, the home buying and selling itch was too great to be held back.
2. Median Sold Price – The DC Metro Median Sold Price for April, 2014 increased almost $13,000 across all segments. Additionally, the median sold price of $412,500 is still 3.1% higher than the same time last year and detached homes topped $515,000 for the first time since August, 2013.
3. Average Days on Market – For the second straight month the DC Metro ADOM dropped from the prior month. After cresting at 55 days in January and February, the April ADOM for the DC Metro is 42 days, led by both detached homes and townhomes, at 50 and 32 ADOM respectively. These numbers suggest another strong Spring season in the region.
4. Average Sold to Original List Price Ratio – For the third time in 9 months, the DC Metro ASOLP Ratio went back up and now stands at 98.3%, the highest since June, 2013, reflecting the improved conditions for the Spring selling season. This is great news for sellers and an omen to buyers that there will be less negotiation through the Spring season.
With two of the three Spring months behind us, these real estate statistic numbers are reflecting another very strong Spring season in the DC Metro Region. 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.