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 February, 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 – February continued a very slow month for the DC Metro only slightly improving from January. Again, most of the drop could be blamed on the recent weather making showings very difficult, especially over the weekends. However, Active Listings continue to improve over the same time last year reflecting a 15.1% increase which is great news in terms of addressing the local inventory shortage here in the DC Metro.
2. Median Sold Price – The DC Metro Median Sold Price for February, 2014 increased $5,000 across all segments. Additionally, the median sold price of $375,000 is still almost 5.6% higher than the same time last year.
3. Average Days on Market – After reaching a low of 31 ADOM in June, 2013, DC Metro has almost doubled to 55 days in January and held steady at 55 days ADOM in February as well. With the March, April & May selling season upon us, we expect for these numbers to stay relatively strong.
4. Average Sold to Original List Price Ratio – For the first time in 8 months, the DC Metro ASOLP Ratio went back up to 96.9% reflecting the coming spring selling season. This is great news for sellers and an omen to buyers that there will be less negotiation in the coming months.
With the second month of 2014 behind us, these real estate statistic numbers are encouraging that we are coming out of the winter months and jumping into the spring selling season. 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.