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, 2017. 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 statistics are in and the DC Metro fell short of expectations in comparison to the same time last year in 2 leading categories. Active Listings are down 5.7%; All Pending Contracts are down a whopping 11.1%; Closed Sales are actually up 4.7%; New Pendings are up 2.2% and New Listings are up 1.0%. By finishing the November so far under 2016 in the forward looking categories, 2017 is disappointing in Market Activity through 11 months.
2. Median Sold Price – The DC Metro Median Sold Price for November, 2017 rose across All segments at $425,000 – reflecting a robust 4.4% increase from November, 2016! This is very good news for the region as prices continued to rise in this low interest rate and low inventory era.
3. Average Days on Market – For the fifth month in a row, the DC Metro ADOM rose again in November, 2017. After settling at 33 days in June, the November ADOM for the DC Metro is 45 days and climbing. The ADOM for November, 2016 is 10% lower than the same period last year representing a faster paced market across the Region. Heading into 2018, we expect this number to peak soon and start its traditional Spring acceleration.
4. Average Sold to Original List Price Ratio – After cresting in May, 2017, the DC Metro ASOLP Ratio fell and now stands at 97.4%, reflecting the overall slowdown in the market – even though the ASOLP Ratio is still at historically high levels. So while pricing is rising across the region, Buyers are still finding the ability to negotiate.
With 2017 almost behind us, these real estate statistic numbers are presenting a mixed message in the DC Metro Region. Inventory should increase in the Spring market as we enter the PCS season. However, pricing will be impacted by both inventory and any pending interest rate increases. 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, 7 or 8% 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.