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 finished March, 2014 with almost across the board improvements in Market Activity. Active Listings were up over 3.4% while Closed Sales were down 2.6% during the same period last year. All these numbers are 2014 highs for each metric and the direction of the market is good and looks to stay up again during the second quarter in 2014.
2. Median Sold Price – The Median Sold Price across all segments for March, 2014 was $473,125 up 2.9% from last year. All segments are up from a year ago and given that the spring of 2014 has seen the release of pent up demand in conjunction with some of 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.
3. Average Days on Market – The ADOM for Washington DC is 47 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 March, but only to 98.2%. 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 the first quarter of 2014. Now that the spring season is upon us, rates are still low 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!