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 May, 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 – May real estate statistics for DC Metro show some sluggishness to the DC Metro market compared to this time last year. While Listings are up 30%+ from the same time last year, New Pendings stayed virtually flat from April, 2014 and are 4.5% below May, 2013. Even more concerning are the Closed Sales which are down 10.6% from the same time last year.
2. Median Sold Price – The DC Metro Median Sold Price for May, 2014 increased $17,500 across all segments. Additionally, the median sold price of $430,000 is just 1.2% higher than the same time last year and detached homes topped $552,000 for the first time since June, 2013.
3. Average Days on Market – For the second 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 38 days. The ADOM for May, 2014 is the exact same as it was for May, 2013. So we are seeing the same velocity in the market, just not the same volume of closings.
4. Average Sold to Original List Price Ratio – For the fourth time in 12 months, the DC Metro ASOLP Ratio went back up and now stands at 98.7%, the highest since June, 2013, 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 through the end of June.
With one more month to go in the second quarter of 2014, these real estate statistic numbers are reflecting another very strong Spring season in the DC Metro Region, although not as strong in volume as 2013. 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.