Condo & Co-op
In MRIS, the median sold price for Condo & Coop properties for June was $270,000, representing a decrease of 1.8% compared to last month and an increase of 1.1% from Jun 2013. The average days on market for units sold in June was 46 days, 24% below the 5-year June average of 61 days. There was a 5.7% month over month decrease in new contract activity with 1,990 New Pendings; a 6.4% MoM decrease in All Pendings (new contracts + contracts carried over from May) to 3,045; and a 3.6% increase in supply to 4,757 active units.
This activity resulted in a Contract Ratio of 0.64 pendings per active listing, down from 0.71 in May and a decrease from 0.97 in June 2013. The Contract Ratio is 2% lower than the 5-year June average of 0.65. 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 June was $285,000, representing an increase of 2.2% compared to last month and a decrease of 0.3% from Jun 2013. The average days on market for units sold in June was 41 days, 25% below the 5- year June average of 54 days. There was a 5.3% month over month decrease in new contract activity with 3,383 New Pendings; a 4.4% MoM decrease in All Pendings (new contracts + contracts carried over from May) to 5,918; and a 6% increase in supply to 8,612 active units.
This activity resulted in a Contract Ratio of 0.69 pendings per active listing, down from 0.76 in May and a decrease from 1.00 in June 2013. The Contract Ratio is the same as the 5-year June average of 0.69. 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 June was $375,000, representing an increase of 4.5% compared to last monthand no change from Jun 2013. The average days on market for units sold in June was 64 days, 18% below the 5-year June average of 78 days. There was a 9% month over month decrease in new contract activity with 7,631 New Pendings; a 6.6% MoM decrease in All Pendings (new contracts + contracts carried over from May) to 13,563; and a 5.4% increase in supply to 33,810 active units.
This activity resulted in a Contract Ratio of 0.40 pendings per active listing, down from 0.45 in May and a decrease from 0.53 in June 2013. The Contract Ratio is 4% lower than the 5-year June 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.
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.
