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 August, 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 – August numbers are in and they confirm what we were feeling in the market – a continued slowdown. The surprising thing is the extent of the slowdown across the market. All Pendings are down 800 units from July and New Listings are down over 700 units from July. Closed Sales are down as well from July as well as down significantly from the same period last year. While the traditional selling months are March, April and May there isn’t traditionally this large of a drop in August. Now that we have had two months of fairly significant drops in Market Activity, these numbers bear significant attention in the months ahead.
2. Median Sold Price – The DC Metro Median Sold Price for August, 2014 decreased $13,000 across all segments. Additionally, the Median Sold Price is 0.0% different from August, 2013 which means that the market lost a whole year of appreciation. This is a shocking result and something that we will follow very closely in the next couple of months.
3. Average Days on Market – For the first time in 2014, the DC Metro ADOM jumped up in consecutive months. After settling at 34 days in June, the August ADOM for the DC Metro is 43 days. The ADOM for August, 2014 is 16.2% higher than the same period last year.
4. Average Sold to Original List Price Ratio – After cresting in May, 2014, the DC Metro ASOLP Ratio fell and now stands at 97.3%, reflecting the overall slowdown in the market, even though the ASOLP Ratio is still at historically high levels.
With the middle of the third quarter of 2014 behind us, these real estate statistic numbers are reflecting a surprising turn 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.
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