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 December, 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 – December numbers are in and we have completely bucked the traditional December trends in 2014! Closed Sales were up a whopping 8% from the same time last year! New Listings were up over 12.9% from the same period last year. Active Listings are up 19.1% from December, 2013. Great fall weather and falling interest rates have contributed to the sharp changes this December and foretells of an early start to the Spring housing market in 2015.
2. Median Sold Price – The DC Metro Median Sold Price for December, 2014 was higher for the third straight month to $408,000 across all segments – a 4.3% increase from December, 2013! This is great news for the region as prices continue to steadily increase.
3. Average Days on Market – For the sixth straight month, the DC Metro ADOM rose again in December, 2013. After settling at 34 days in June, the November ADOM for the DC Metro is 60 days and climbing. The ADOM for December, 2014 is 25% higher than the same period last year. However, we do anticipate a drop in the ADOM due to the coming Spring sales season.
4. Average Sold to Original List Price Ratio – After cresting in May, 2014, the DC Metro ASOLP Ratio fell and now stands at 96.3%, reflecting the overall slowdown in the market, even though the ASOLP Ratio is still at historically high levels. So while pricing is increasing across the region, Buyers are still finding the ability to negotiate.
With the 2014 behind us, these real estate statistic numbers are reflecting a welcome turn in the DC Metro Region. And with a warmer winter projected this year, we expect winter 2015 numbers to continue this trend. 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.