Condo and Co-op
In Mid-Atlantic, the median sold price for Condo & Coop properties for February was $245,000, representing a decrease of 2% compared to last month and an increase of 5.6% from Feb 2013. The average days on market for units sold in February was 57 days, 23% below the 5-year February average of 74 days. There was a 7% month over month increase in new contract activity with 1,549 New Pendings; a 9.8% MoM increase in All Pendings (new contracts + contracts carried over from January) to 2,593; and a 4.6% increase in supply to 3,545 active units.
Attached/Townhouse
In Mid-Atlantic, the median sold price for Attached/Townhouse properties for February was $265,000, representing an increase of 7.3% compared to last month and an increase of 8.2% from Feb 2013. The average days on market for units sold in February was 62 days, 17% below the 5-year February average of 74 days. There was a 2.5% month over month increase in new contract activity with 2,569 New Pendings; an 8.8% MoM increase in All Pendings (new contracts + contracts carried over from January) to 4,974; and a 1.9% increase in supply to 6,212 active units.
This activity resulted in a Contract Ratio of 0.80 pendings per active listing, up from 0.75 in January and a decrease from 1.07 in February 2013. The Contract Ratio is 10% higher than the 5-year February average of 0.73. 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
In Mid-Atlantic, the median sold price for Detached properties for February was $312,000, representing an increase of 4% compared to last month and an increase of 6.8% from Feb 2013. The average days on market for units sold in February was 94 days, 11% below the 5-year February average of 105 days. There was a 6.6% month over month increase in new contract activity with 5,367 New Pendings; a 10.6% MoM increase in All Pendings (new contracts + contracts carried over from January) to 10,369; and a 1.4% increase in supply to 23,878 active units.
This activity resulted in a Contract Ratio of 0.43 pendings per active listing, up from 0.40 in January and a decrease from 0.55 in February 2013. The Contract Ratio is 1% higher than the 5-year February average of 0.42. 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.
