Year End Washington DC RE Market Report 2012
Year End Washington DC RE Market Report 2012 by The Isaacs Team
Washington DC December 2012 RE Market Data
The story for DC real estate in December 2012 was a fairly predictable one based on 2012 market trends; Inventory was down, which created upward pressure on prices and lowered average Days On Market.
Condos & Co-Ops in Washington DC December 2012 RE Market Data
DC's median sold price for Condo & Coops in December was $379,900, a drop of 1.3% compared to November 2012 and an increase of 1.3% from December 2011.
The average days on market for units sold in December 2012 was 60 days in DC, a significant 21% below the 5-year December average of 76 days.
Contract activity was down 8.8% form November 2012 with 218 New Pending sales, and down 10.4% for All Pendings (new contracts + contracts carried over from November) to 407. There was a 26.2% decrease in supply to 484 active units. This activity resulted in a Contract Ratio of 0.84 pendings per active listing, no change from November and no change from December 2011.
The Contract Ratio for December 2012 was 108% higher than the 5-year December average of 0.40. 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.
Washington DC Total Sold Dollar Volume Up Nearly $345K -Rises 50.04% YoY
The Washington DC real estate market remains strong! Total Sold Dollar Volume was up 50.04% in November from the previous year and up 23.12% from October of this year.
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