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 March, 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 – March real estate statistics for DC Metro jumped higher than February’s lackluster gains signaling entry to another great Spring season in the region. 1,600 more homes came on the market in March and over 1,200 more homes went under contract vs the previous month. Even though weather played a large part in March, the home buying and selling itch was too great to be held back.
2. Median Sold Price – The DC Metro Median Sold Price for February, 2014 increased $15,000 across all segments. Additionally, the median sold price of $389,900 is still almost 4.7% higher than the same time last year and detached homes topped $500,000 for the first time since August, 2013.
3. Average Days on Market – For the first time since June, 2013 the DC Metro ADOM dropped from the prior month. After cresting at 55 days in January and February, the March ADOM for the DC Metro is 49 days, led by both detached homes and townhomes, at 56 and 39 ADOM respectively. These numbers suggest another strong Spring season in the region.
4. Average Sold to Original List Price Ratio – For the second time in 8 months, the DC Metro ASOLP Ratio went back up to 97.6% reflecting the improved conditions for the 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 first quarter 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.
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