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, 2016. 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 statistics are in and the DC Metro fell short of expectations in comparison to the same time last year across the board. Active Listings are down 13.7%; All Pending Contracts are down 4.1%; Closed Sales are down 4.2%; New Pendings are up 1.7% and New Listings are down 0.6%. By finishing the year so far behind 2015 in almost every category, 2016 certainly disappointed in Market Activity.
2. Median Sold Price – The DC Metro Median Sold Price for December, 2016 rose across All segments at $410,100 – reflecting a robust 3.8% increase from December, 2015! This is very good news for the region as prices continued to rise in this low interest rate era.
3. Average Days on Market – For the fifth month in a row, the DC Metro ADOM rose again in December, 2016. After settling at 39 days in June, the December ADOM for the DC Metro is 55 days and climbing. The ADOM for December, 2016 is 6.8% lower than the same period last year representing a faster paced market across the Region. Heading into 2017, we expect this number to peak soon and start its traditional Spring acceleration.
4. Average Sold to Original List Price Ratio – After cresting in May, 2016, the DC Metro ASOLP Ratio fell and now stands at 97.0%, reflecting the overall slowdown in the market – even though the ASOLP Ratio is still at historically high levels. So while pricing is relatively flat across the region, Buyers are still finding the ability to negotiate.
With 2016 behind us, these real estate statistic numbers are reflecting a cautious tone in the DC Metro Region. And with the inauguration pending, we expect winter 2017 numbers to continue their current trend as we head into the new administration. And with looming interest rate hikes in the future, the housing market is going to remain cautious for some time. 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.
You simply cannot afford to waste a single dollar in your next real estate transaction – especially on the old-fashioned real estate commission model that takes 6% of your equity just to sell your home! 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.