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 October, 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 – October numbers are in and they are not good news based on the historical expectations we have for the fall market across the DC Metro. The October statistics are a mixed bag when compared to the same time in 2015. New Listings are down 12.4%; Closed Sales are up 2.6%; New Pendings are up 1.4% and Active Listings are down 18.0%. These numbers are bad news for the DC Metro and signal a significant dip in the fall market for 2016.
2. Median Sold Price – The DC Metro Median Sold Price for October, 2016 stayed flat across All segments at $400,000 – reflecting a 0.3% increase from October, 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 fourth month in a row, the DC Metro ADOM rose again in October, 2016. After settling at 39 days in June, the October ADOM for the DC Metro is 48 days and climbing. The ADOM for October, 2016 is 11.1% 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 97.4%, 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 1st month of the 4th quarter of 2016 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 fall 2016 numbers to continue their current trend as we head into the end of the fall 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.
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.