This March 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 March was $254,000, representing an increase of 3.7% compared to last month and an increase of 3.9% from Mar 2013. The average days on market for units sold in March was 60 days, 18% below the 5-year March average of 73 days. There was a 29.5% month over month increase in new contract activity with 2,006 New Pendings; a 16.4% MoM increase in All Pendings (new contracts + contracts carried over from February) to 3,017; and a 5.6% increase in supply to 3,742 active units.
This activity resulted in a Contract Ratio of 0.81 pendings per active listing, up from 0.73 in February and a decrease from 1.13 in March 2013. The Contract Ratio is 10% higher than the 5-year March 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.
Attached/Townhouse
In Mid-Atlantic, the median sold price for Attached/Townhouse properties for March was $260,000, representing a decrease of 1.9% compared to last month and an increase of 0.8% from Mar 2013. The average days on market for units sold in March was 59 days, 19% below the 5-year March average of 73 days. There was a 30.2% month over month increase in new contract activity with 3,344 New Pendings; a 12.5% MoM increase in All Pendings (new contracts + contracts carried over from February) to 5,594; and a 4.3% increase in supply to 6,479 active units.
This activity resulted in a Contract Ratio of 0.86 pendings per active listing, up from 0.80 in February and a decrease from 1.15 in March 2013. The Contract Ratio is 9% higher than the 5-year March average of 0.79. 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.
Detatched Properties
In Mid-Atlantic, the median sold price for Detached properties for March was $325,000, representing an increase of 4.2% compared to last month and an increase of 3.2% from Mar 2013. The average days on market for units sold in March was 93 days, 11% below the 5-year March average of 104 days. There was a 35.2% month over month increase in new contract activity with 7,257 New Pendings; a 17.1% MoM increase in All Pendings (new contracts + contracts carried over from February) to 12,139; and a 6.6% increase in supply to 25,449 active units.
This activity resulted in a Contract Ratio of 0.48 pendings per active listing, up from 0.43 in February and a decrease from 0.61 in March 2013. The Contract Ratio is 3% higher than the 5-year March average of 0.47. 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, please call Ray Gernhart and Associates at 571-992-0700 or email ray@talktoray.com.
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