Washington, DC. Market Report – 7/13/13

13 Jul
July 13, 2013

HHH (hot, humid, hazy) is how Washington is described during the summer, but don’t let the weather keep you from enjoying all that Washington has to offer. There are museums and art galleries along the Mall that are free.  The Newseum is absolutely fabulous and one can spend days there checking out all the exhibits.

Take a refreshing walk in Rock Creek Park where even on the hottest days you can relax in the shade of the large old trees and picnic with family and friends.  A cool sail along the Potomac aboard the Odyssey is a wonderful way to spend an evening with dinner and dancing. Any weather is fine for a show at one of the many theaters in Washington, where both Broadway shows and local casts perform for you. And don’t forget visiting the wharf along Maine Street to buy fresh seafood, including Chesapeake Bay crabs, for that afternoon crab feast where even the heat is forgotten when friends get together to enjoy the area’s best known summer treat.  Whatever the temperature or weather conditions, don’t miss a trip to one of the many features Washington has to offer. 

The weather is not the only thing HOT in Washington DC, the Real Estate market has been heating up all spring and has finally come to a boil this June (2013).  Here are the latest statistics over all for the DC area. Things are still favorable for Sellers, but not indefinitely.  All indications say the Market is changing and beginning to move in the Buyers favor.

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$504,657,852

+29.78%

+8.62%

Closed Sales

790

+12.54%

+3.54%

Median Sold Price

$529,000

+16.26%

+7.96%

Avg Sold Price

$638,807

+15.32%

+4.91%

Avg Days on Market

32 days

-38.46%

-15.79%

Avg Sold to Orig List Ratio

100.26%

+2.88%

+0.87%

Here is a bit more detailed information; breaking it down for Condo, Coop, Townhome, & Single Family properties:

The Median Sold Price for $434,700 for Condo & Coop Properties.
In Washington, D.C., the median sold price for Condo & Coop properties for June was $434,700, representing an increase of 8.9% compared to last month and an increase of 11.5% from Jun 2012.

The average days on market for units sold in June was 30 days, 52% below the 5-year June average of 62 days. There was a 9.7% month over month decrease in new contract activity with 372 New Pendings; an 8.3% Month over Month (MoM) decrease in All Pendings (new contracts + contracts carried over from May) to 574; and a 10.1% increase in supply to 579 active units.

This activity resulted in a Contract Ratio of 0.99 pendings per active listing, down from 1.19 in May and no change from June 2012. The Contract Ratio is 83% higher than the 5-year June average of 0.54. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

The Median Sold Price for $628,000 for Attached/Townhouse Properties.
In Washington, D.C., the median sold price for Attached/Townhouse properties for June was $628,000, representing an increase of 4% compared to last month and an increase of 17.4% from Jun 2012.

The average days on market for units sold in June was 26 days, 55% below the 5-year June average of 58 days. There was a 9.2% month over month decrease in new contract activity with 315 New Pendings; a 4.5% Month over Month (MoM) decrease in All Pendings (new contracts + contracts carried over from May) to 548; and a 2.8% increase in supply to 372 active units.

This activity resulted in a Contract Ratio of 1.47 pendings per active listing, no change from May and no change from June 2012. The Contract Ratio is 73% higher than the 5-year June average of 0.85. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

The Median Sold Price for $865,500 for Detached/Single Family Properties.
In Washington, D.C., the median sold price for Detached properties for June was $865,500, representing an increase of 6.8% compared to last month and an increase of 24.5% from Jun 2012.

The average days on market for units sold in June was 50 days, 21% below the 5-year June average of 64 days. There was a 2% month over month decrease in new contract activity with 145 New Pendings; a 4.5% Month over Month (MoM) increase in All Pendings (new contracts + contracts carried over from May) to 253; and a 1.6% increase in supply to 261 active units.

This activity resulted in a Contract Ratio of 0.97 pendings per active listing, no change from May and no change from June 2012. The Contract Ratio is 59% higher than the 5-year June average of 0.61. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

Market data and commentary provided by Kathy Fleskes, Managing Broker & Serena Toro Administrative Manager, Rockville Regional Office.

Search for homes in all of the DC Metro: www.averyhess.com

Erica Higgins

Administrative Manager & Marketing Assistant at Avery-Hess, Realtors
Front Royal
Office: (540) 631-9009
Email: ehiggins@averyhess.com

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