Condo & Co-op
In MRIS, the median sold price for Condo & Coop properties for September was $254,000, representing an increase of 1.6% compared to last month and an increase of 1.2% from Sep 2013. The average days on market for units sold in September was 51 days, 23% below the 5-year September average of 66 days. There was a 5% month over month decrease in new contract activity with 1,659 New Pendings; a 1.6% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 2,648; and an 8.6% increase in supply to 5,027 active units.
This activity resulted in a Contract Ratio of 0.53 pendings per active listing, down from 0.58 in August and a decrease from 0.74 in September 2013. The Contract Ratio is 8% lower than the 5-year September average of 0.58. 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 September was $263,000, representing a decrease of 4.3% compared to last month and a decrease of 0.8% from Sep 2013. The average days on market for units sold in September was 55 days, 10% below the 5-year September average of 61 days. There was a 13.1% month over month decrease in new contract activity with 2,676 New Pendings; a 6.9% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 4,977; and a 5.6% increase in supply to 9,678 active units.
This activity resulted in a Contract Ratio of 0.51 pendings per active listing, down from 0.58 in August and a decrease from 0.74 in September 2013. The Contract Ratio is 12% lower than the 5-year September average of 0.58. 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
In MRIS, the median sold price for Attached properties for September was $260,000, representing a decrease of 1.9% compared to last month and no change from Sep 2013. The average days on market for units sold in September was 54 days, 14% below the 5-year September average of 63 days. There was a 10.2% month over month decrease in new contract activity with 4,335 New Pendings; a 5.1% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 7,625; and a 6.6% increase in supply to 14,705 active units.
This activity resulted in a Contract Ratio of 0.52 pendings per active listing, down from 0.58 in August and a decrease from 0.74 in September 2013. The Contract Ratio is 10% lower than the 5-year September average of 0.58. 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 MRIS, the median sold price for Detached properties for September was $325,000, representing a decrease of 5.8% compared to last month and no change from Sep 2013. The average days on market for units sold in September was 77 days, 14% below the 5-year September average of 89 days. There was a 1.9% month over month decrease in new contract activity with 6,461 New Pendings; a 2.1% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 11,480; and a 1.2% increase in supply to 35,009 active units.
This activity resulted in a Contract Ratio of 0.33 pendings per active listing, down from 0.34 in August and a decrease from 0.39 in September 2013. The Contract Ratio is 5% lower than the 5-year September average of 0.35. 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.
Want to read later? Download the September 2014 Mid-Atlantic Market Report
