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 June, 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 – June numbers are in and they confirm what were were feeling in the market – a slowdown. The surprising thing is the extent of the slowdown across the market. All Pendings are down 700 units from May and New Listings are down a shocking over 1,000 units from May. Closed Sales are up slightly from May but down significantly from the same period last year. While the traditional selling months are March, April & May there isn’t traditionally this large of a drop in June. And while it is too early to call this a trend, these numbers bear significant attention in the months ahead.
2. Median Sold Price – The DC Metro Median Sold Price for June, 2014 increased just $3,000 across all segments. However, the increase is only due to the larger mix of Detached Homes as every individual segment is down from May, 2014.
3. Average Days on Market – For the fifth straight month the DC Metro ADOM dropped from the prior month. After cresting at 55 days in January and February, the April ADOM for the DC Metro is 34 days. The ADOM for June, 2014 is 9.7% 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 98.3%, reflecting the overall slowdown in the market, even though the ASOLP Ratio is still at historically low levels.
With the end of the second 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.