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.