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 November, 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 – November numbers are in and they are not as strong as expected based on the historical expectations we have for the fall market across the DC Metro. The November statistics are a mixed bag when compared to the same time in 2015. New Listings are up 7.1%; Closed Sales are up 16.5%; New Pendings are down 0.7% and Active Listings are down 14.4%. These numbers are not strong news for the DC Metro and signal a tight market as we move into the Winter market for 2016.
2. Median Sold Price – The DC Metro Median Sold Price for November, 2016 rose slightly across All segments at $407,000 – reflecting only a 0.5% increase from November, 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 fifth month in a row, the DC Metro ADOM rose again in November, 2016. After settling at 39 days in June, the November ADOM for the DC Metro is 50 days and climbing. The ADOM for October, 2016 is 2.0% lower than the same period last year. Unfortunately, we do anticipate a continued climb in the ADOM due to the coming Winter sales season.
4. Average Sold to Original List Price Ratio – After cresting in May, 2016, the DC Metro ASOLP Ratio fell and now stands at 97.2%, 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 Fall Market behind us, these real estate statistic numbers are reflecting a cautious tone in the DC Metro Region. And with the election now over, we expect winter 2016-17 numbers to continue their current trend as we head into the start of the winter 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.
You simply cannot afford to waste a single dollar in your next real estate transaction – especially on the old-fashioned real estate commission model that takes 6% of your equity just to sell your home! 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.