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, 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 – October numbers are in and while they continue the traditional fall trend, they are not as bad as some were projecting. New Listings were down over 800 from September yet were 6.4% higher than the same period last year and Active Listings are up 28.8% from October, 2013. Both New Pendings and Closed Sales showed growth from September, however both are lagging from 2013. Great fall weather and falling interest rates have contributed to the smaller decline this October, yet the region still trails the 2013 market in key areas.
2. Median Sold Price – The DC Metro Median Sold Price for October, 2014 rebounded from its September swoon to $400,000 across all segments – a 5.3% increase from October, 2013! This is great news for the region because in August, the Median Sold Price was even with August, 2013.
3. Average Days on Market – For the fourth straight month, the DC Metro ADOM rose again in October, 2013. After settling at 34 days in June, the October ADOM for the DC Metro is 49 days and climbing. The ADOM for October, 2014 is 19.5% higher than the same period last year.
4. Average Sold to Original List Price Ratio – After cresting in May, 2014, the DC Metro ASOLP Ratio fell and now stands at 97%, reflecting the overall slowdown in the market, even though the ASOLP Ratio is still at historically high levels. So while pricing is increasing across the region, Buyers are still finding the ability to negotiate.
With the first month of the 4th quarter behind us, these real estate statistic numbers are reflecting a welcome turn in the DC Metro Region. And with a late Thanksgiving this year, we expect November numbers to continue this trend. 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.