Petworth Townhouse Market Report for July 2018
Have a townhome in the Petworth neighborhood in Washington DC and curious about what it might be worth? Are you trying to decide if now is the time to sell? Take a look at what's happening in your market this month.
Summary In Petworth, Washington, DC, the median sold price for Attached/Townhouse properties for July was $675,000, representing a decrease of 9.7% compared to last month and an increase of 10.7% from Jul 2017. The average days on market for units sold in July was 15 days, 49% below the 5-year July average of 29 days. There was a 4.2% month over month increase in new contract activity with 25 New Pendings; a 6.5% MoM increase in All Pendings (new contracts + contracts carried over from June) to 33; and a 9.4% increase in supply to 35 active units.
This activity resulted in a Contract Ratio of 0.94 pendings per active listing, down from 0.97 in June and an increase from 0.80 in July 2017. The Contract Ratio is 11% lower than the 5-year July average of 1.06. 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.
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