The Bethesda Maryland real estate market has started to slow. Pending sales are decreasing while inventory is starting to increase, and the months of supply has begun to creep up.
The closed sales among single family homes has been stronger than that for condos and townhouses. Hopefully April will turn the tide and put us back into a positive direction.
The pending sales have stayed consistent with the five year average, suggesting a stronger spring.
A cause for concern however is the dramatic growth in Active Listings - up nearly 30%. This will stall the market if the buyers don't return this spring!
The change in market direction is illustrated by the increase to 3.5 months of supply from the five year average of 2.7 months. The market seems to be trending to a balanced market rather than the sellers' market that everyone hoped for this spring.
This shift in the Bethesda market is dramatically illustrated by the decline in the median sale price for single family homes. The median sold price for Detached properties for March was $990,000, representing a decrease of 2% compared to last month,and a decrease of 105 from March 2016. The average days on market for properties sold in March was 89 days, 21% above the 5 year March average of 73 days. There was a 41.9% month over month increase in new contract activity with 88 New Pendings; a33.3% MOM increase in All Pendings (new contract + contracts carried over from February) to 128 and a 30.9% incease in supply to 216 active units.
The median sold price for condos and coops in Bethesda was $299,900, representing a decrease of 6.1% compared to February and an increase of 3.4% from March 2015. The average days on market for units sold in March was 103 days, 46% above the five year average of 71 days.
This all consistent with the gradual slowing that started earlier this year. While there are plenty of buyers in the market this spring, there are more homes for sale. This is going to lead to a softening in prices as sellers take the offers that come to them. It becomes ever more important to get your home into perfect condition and then be practical in your pricing.
If you are thinking of selling your home, the Lise Howe Group would love to talk with you! We can be reached at 240-401=5577 or email us at lise@lisehowe.com
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