Condo & Coop
In Mid-Atlantic, the median sold price for Condo & Coop properties for January was $250,000, representing no change compared to last month and an increase of 11.1% from Jan 2013. The average days on market for units sold in January was 56 days, 28% below the 5-year January average of 77 days. There was a 31.8% month over month increase in new contract activity with 1,448 New Pendings; a 9% MoM increase in All Pendings (new contracts + contracts carried over from December) to 2,361; and a 0.9% decrease in supply to 3,389 active units.
This activity resulted in a Contract Ratio of 0.70 pendings per active listing, up from 0.63 in December and a decrease from 1.01 in January 2013. The Contract Ratio is 11% higher than the 5-year January 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/Townhouse
In Mid-Atlantic, the median sold price for Attached/Townhouse properties for January was $247,000, representing a decrease of 5% compared to last month and an increase of 7.4% from Jan 2013. The average days on market for units sold in January was 59 days, 19% below the 5-year January average of 72 days. There was a 29.5% month over month increase in new contract activity with 2,507 New Pendings; an 8.3% MoM increase in All Pendings (new contracts + contracts carried over from December) to 4,573; and a 5.2% decrease in supply to 6,099 active units.
This activity resulted in a Contract Ratio of 0.75 pendings per active listing, up from 0.66 in December and a decrease from 0.98 in January 2013. The Contract Ratio is 14% higher than the 5-year January average of 0.66. 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 January was $299,900, representing a decrease of 10.3% compared to last month and an increase of 6.4% from Jan 2013. The average days on market for units sold in January was 89 days, 12% below the 5-year January average of 102 days. There was a 22.4% month over month increase in new contract activity with 5,037 New Pendings; a 5.8% MoM increase in All Pendings (new contracts + contracts carried over from December) to 9,377; and a 3.2% decrease in supply to 23,537 active units.
This activity resulted in a Contract Ratio of 0.40 pendings per active listing, up from 0.36 in December and a decrease from 0.50 in January 2013. The Contract Ratio is 5% higher than the 5-year January average of 0.38. 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.
View Full Report: LMI-AllCounties-MRIS-201401
