This May 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 April was $267,204, representing an increase of 5.2% compared to last month and an increase of 4.8% from Apr 2013. The average days on market for units sold in April was 48 days, 29% below the 5-year April average of 68 days. There was a 4.8% month over month increase in new contract activity with 2,103 New Pendings; a 7.8% MoM increase in All Pendings (new contracts + contracts carried over from March) to 3,253; and an 11.7% increase in supply to 4,180 active units.
This activity resulted in a Contract Ratio of 0.78 pendings per active listing, down from 0.81 in March and a decrease from 1.16 in April 2013. The Contract Ratio is 3% higher than the 5-year April average of 0.75. 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 May was $279,000, representing an increase of 3.3% compared to last month and a decrease of 1.8% from May 2013. The average days on market for units sold in May was 45 days, 20% below the 5-year May average of 56 days. There was a 1.3% month over month decrease in new contract activity with 3,573 New Pendings; a 2.1% MoM increase in All Pendings (new contracts + contracts carried over from April) to 6,192; and an 11.2% increase in supply to 8,123 active units.
This activity resulted in a Contract Ratio of 0.76 pendings per active listing, down from 0.83 in April and a decrease from 1.07 in May 2013. The Contract Ratio is 1% higher than the 5-year May average of 0.75. 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 Mid-Atlantic, the median sold price for Detached properties for May was $358,990, representing an increase of 5.7% compared to last month and a decrease of 1% from May 2013. The average days on market for units sold in May was 75 days, 12% below the 5-year May average of 85 days. There was a 2.6% month over month increase in new contract activity with 8,388 New Pendings; a 4.2% MoM increase in All Pendings (new contracts + contracts carried over from April) to 14,522; and a 10.7% increase in supply to 32,091 active units.
This activity resulted in a Contract Ratio of 0.45 pendings per active listing, down from 0.48 in April and a decrease from 0.60 in May 2013. The Contract Ratio is 3% lower than the 5-year May average of 0.46. 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.
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