Condo & co-op
In MRIS, the median sold price for Condo & Coop properties for August was $250,000, representing a decrease of 3.8% compared to last month and a decrease of 3.8% from Aug 2013. The average days on market for units sold in August was 48 days, 23% below the 5-year August average of 62 days. There was a 5.5% month over month decrease in new contract activity with 1,746 New Pendings; a 6.1% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 2,690; and a 2.4% decrease in supply to 4,630 active units.
This activity resulted in a Contract Ratio of 0.58 pendings per active listing, down from 0.60 in July and a decrease from 0.82 in August 2013. The Contract Ratio is 5% lower than the 5-year August 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.
Attached/Townhouse
In MRIS, the median sold price for Attached/Townhouse properties for August was $274,900, representing a decrease of 4.9% compared to last month and a decrease of 1.5% from Aug 2013. The average days on market for units sold in August was 49 days, 13% below the 5-year August average of 56 days. There was a 3.7% month over month decrease in new contract activity with 3,079 New Pendings; a 4.1% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 5,345; and a 0.9% increase in supply to 9,167 active units.
This activity resulted in a Contract Ratio of 0.58 pendings per active listing, down from 0.61 in July and a decrease from 0.85 in August 2013. The Contract Ratio is 8% lower than the 5-year August average of 0.63. 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
In MRIS, the median sold price for Attached properties for August was $265,000, representing a decrease of 4.9% compared to last month and a decrease of 1.9% from Aug 2013. The average days on market for units sold in August was 48 days, 18% below the 5-year August average of 59 days. There was a 4.4% month over month decrease in new contract activity with 4,825 New Pendings; a 4.8% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 8,035; and a 0.2% decrease in supply to 13,797 active units.
This activity resulted in a Contract Ratio of 0.58 pendings per active listing, down from 0.61 in July and a decrease from 0.84 in August 2013. The Contract Ratio is 7% lower than the 5-year August average of 0.62. 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 MRIS, the median sold price for Detached properties for August was $345,000, representing a decrease of 2.8% compared to last month and a decrease of 1.4% from Aug 2013. The average days on market for units sold in August was 75 days, 9% below the 5-year August average of 83 days. There was a 10.9% month over month decrease in new contract activity with 6,587 New Pendings; an 8.7% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 11,725; and a 0.3% increase in supply to 34,590 active units.
This activity resulted in a Contract Ratio of 0.34 pendings per active listing, down from 0.37 in July and a decrease from 0.43 in August 2013. The Contract Ratio is 7% lower than the 5-year August average of 0.37. 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.
Want to read later? Download the August 2014 Mid-Atlantic Market Report
