As a part of Wilson Realty Group’s weekly series on local market statistics we focus this week on Washington DC. The District is at the center of life for many who live in the greater Metro DC region and tends to be a leading indicator of market conditions for the surrounding area. It is vitally important to understand what is going on in the District as it tends to have a ripple effect across the region. The statistics for Washington DC include Howard University, Shaw, Capital Hill, Logan Circle, Thomas Circle, Georgetown, Burleith, Woodley Park, Cleveland Park, Dupont, Adams Morgan, Columbia Heights, Mount Pleasant, 16th St Heights, Crestwood, Colonial Village, Takoma, Friendship, Chevy Chase, Cathedral Heights, Brookland, Catholic University, Brentwood, Lincoln, Benning Heights, Deanwood, Anacostia, Hillcrest, SW Waterfront, Congressional Heights, West End and Foggy Bottom.
1. Market Activity – Washington DC fnished 2013 with acros the board improvements in Market Activity. Active Listings were up over 5% and Closed Sales were up a whoppoing 21.4% during the same period last year. And while these numbers are not 2013 highs for either metric, the direction of the market is good and looks to pick up again during the first quater in 2014.
2. Median Sold Price – The Median Sold Price across all segments for December, 2013 was $479,900 up 5.5% from last year but off of the 2013 high of $529,000 in June, 2013. All segments are up from a year ago and given that the spring of 2013 saw the release of tremendous pent up demand in conjunction with the lowest interest rates seen in a generation, and that the typical buying season slows at the end of summer it is not surprising to see these numbers. We will keep an eye on the early 2014 numbers to see which direction we are heading.
3. Average Days on Market – The ADOM for Washington DC is 36 days across all segments. These numbers are historically low and we should expect some increase in the ADOM over the coming months as rates rise and inventory changes.
4. Average Sold to Original List Price Ratio – As expected, the ASOLP Ratio came down slightly in December, but only to 98%. This still reflects a solid market and doesn’t raise any flags for us at the moment. The market is being driven by supply and demand and until or unless one of those changes, we can expect ASOLP Ratios to continue to be in the high 90’s.
At Wilson Realty, these numbers are not far from what we expected to see coming out of 2013. Now that the historically slow real estate season is behind us, rates are increasing and inventory remains low across the District combines to mean that we shouldn’t see a big swing in the market anytime soon as these factors balance each other out in a way. For this reason, every dollar in the real estate transaction means something so don’t waste a single dollar and call us today at 202-642-5478 and let’s move!