This April 2014 Mid-Atlantic Market Report gives you a snapshot of how the area’s market is performing compared to the month prior, last year and historical 5-year averages.
Condo and Co-op
In Mid-Atlantic, the median sold price for Condo & Coop properties for April was $267,204, representing an increase of 5.2% compared to last month and an increase of 4.8% from Apr 2013. The average days on market for units sold in April was 48 days, 29% below the 5-year April average of 68 days. There was a 4.8% month over month increase in new contract activity with 2,103 New Pendings; a 7.8% MoM increase in All Pendings (new contracts + contracts carried over from March) to 3,253; and an 11.7% increase in supply to 4,180 active units.
This activity resulted in a Contract Ratio of 0.78 pendings per active listing, down from 0.81 in March and a decrease from 1.16 in April 2013. The Contract Ratio is 3% higher than the 5-year April average of 0.75. 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.
Attached/Townhouse
In Mid-Atlantic, the median sold price for Attached/Townhouse properties for April was $270,000, representing an increase of 3.8%
compared to last month and a decrease of 1.8% from Apr 2013. The average days on market for units sold in April was 54 days, 16% below the 5-year April average of 65 days. There was an 8.3% month over month increase in new contract activity with 3,620 New Pendings; an 8.5% MoM increase in All Pendings (new contracts + contracts carried over from March) to 6,067; and a 12.8% increase in supply to 7,308 active units.
This activity resulted in a Contract Ratio of 0.83 pendings per active listing, down from 0.86 in March and a decrease from 1.16 in April 2013. The Contract Ratio is 3% higher than the 5-year April average of 0.81. 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.
Detached Properties
In Mid-Atlantic, the median sold price for Detached properties for April was $339,625, representing an increase of 4.5% compared to last month and an increase of 1.7% from Apr 2013. The average days on market for units sold in April was 85 days, 12% below the 5-year April average of 97 days. There was a 12.7% month over month increase in new contract activity with 8,177 New Pendings; a 14.9% MoM increase in All Pendings (new contracts + contracts carried over from March) to 13,943; and a 13.9% increase in supply to 28,998 active units.
This activity resulted in a Contract Ratio of 0.48 pendings per active listing, no change from March and a decrease from 0.63 in April 2013. The Contract Ratio is 1% lower than the 5-year April average of 0.49. 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.
See the full report summary. For more detailed information or data regarding specific DMV neighborhoods, please call Ray Gernhart and Associates at 571-992-0700 or email ray@talktoray.com.
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