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 July, 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 – July 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 600 units from June and New Listings are down over 500 units from June. Closed Sales are down as well from June 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 July. 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 July, 2014 decreased $5,000 across all segments. However, the decrease is only due to the larger mix of Detached Homes as it is the only segment down for the period by $15,000.
3. Average Days on Market – For the first time in 2014, the DC Metro ADOM jumped up from the prior month. After settling at 34 days in June, the July ADOM for the DC Metro is 37 days. The ADOM for July, 2014 is 12.1% 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 98.1%, reflecting the overall slowdown in the market, even though the ASOLP Ratio is still at historically low levels.
With the begining of the third quarter of 2014, 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.
Wilson Realty Group – Real Simple. Real Savings. Real Results.