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 January, 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 – January numbers are in and we are not off to the typical early spring start across the DC Metro – perhaps due to the extended snow storm we had here. The January statistics are a mixed bag when compared to the same time in 2015. New Listings are down 5.3%; Closed Sales are up 5.8%; New Pendings are down 8.0% and Active Listings are up 4.1%. These numbers are tepid news for the DC Metro and signal a delay in the early spring market for 2016.
2. Median Sold Price – The DC Metro Median Sold Price for January, 2016 dropped substantially across All segments to $375,500 – reflecting a 2.5% decrease from January, 2015! This is sobering news for the region as prices have not risen in this low interest rate era.
3. Average Days on Market – For the sixth of the last seven months, the DC Metro ADOM rose again in January, 2016. After settling at 37 days in June, the January ADOM for the DC Metro is 66 days and climbing. The ADOM for January, 2016 is 1.5% 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 April, 2015, the DC Metro ASOLP Ratio fell and now stands at 96%, 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 the first month of 2016 behind us, these real estate statistic numbers are reflecting a cautious tone in the DC Metro Region. And with a warmer winter projected this year, we expect winter 2016 numbers to improve as we head into an early spring market. 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.