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 September, 2016 with mixed numbers, but renewed energy heading into the fall market. Closed Sales fell to 708 from August bucking the traditional beginning of the fall market but were 8.8% higher than the same period last year. New Pendings were down 7.9% from the same time last year even though they were still higher than August. The other stats point towards the traditional fall season increase, and there are positive signs for the District heading into the last quarter of 2016.
2. Median Sold Price – The Median Sold Price across all segments for December, 2014 was $535,000 up 4.5% from last year. Condos are the biggest drivers for the increase, enjoying a 4% year over year increase.
3. Average Days on Market – The ADOM for Washington DC is 37 days across all segments, down slightly from August. These numbers are historically low and represent a very strong DC real estate market.
4. Average Sold to Original List Price Ratio – As expected, the ASOLP Ratio remained virtually unchanged again in September at 98.3% across all segments. This 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 end of the 3rd quarter of 2016. Now that the end of 2016 is upon us, rates are still low and inventory is stable across the District combining to mean that we shouldn’t see a big swing in the market anytime soon as these factors are supporting a robust real estate market. Since most real estate in DC will sell itself in this market don’t waste a single dollar on a 5-6% commission model. Call us today at 202-642-5478, save thousands and let’s move!