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 September, 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 – September numbers are in and we are not off to the typical early fall start across the DC Metro – perhaps due to the great August we just had. The September statistics are a mixed bag when compared to the same time in 2015. New Listings are down 1.5%; Closed Sales are up 1.6%; New Pendings are down 1.9% and Active Listings are down 14.3%. These numbers are tepid news for the DC Metro and signal a delay in the early fall market for 2016.
2. Median Sold Price – The DC Metro Median Sold Price for September, 2016 stayed flat across All segments at $399,900 – reflecting a 0.0% increase from September, 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 September, 2016. After settling at 39 days in June, the September ADOM for the DC Metro is 46 days and climbing. The ADOM for September, 2016 is 8.0% higher than the same period last year. Unfortunately, we do anticipate a continued climb in the ADOM due to the coming Fall 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 97.5%, 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 3rd quarter of 2016 behind us, these real estate statistic numbers are reflecting a cautious tone in the DC Metro Region. And with the pending election this fall, we expect fall 2016 numbers to continue their current trend as we head into 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.