In real estate, everything is location, location, location. Market activity for the condo market in 20185 is very different from - and better than - the condo market in neighboring Bethesda.
In 20815, the median sold price for Condo & Coop properties for December was $524,500, representing a decrease of 12% compared to last month's median sales price of $596,250, and a decrease of 19.9% from Dec 2014.
Nonetheless, the overall market trend is still upward since the median sold price for all of 2015 is $515,000 and the five year average for December is $487,100. This pattern was consistent with the direction of the overall market in 20815 in December.
An important market indicator of course is the days on market. How long on average is it taking a condo or coop in 20185 to sell? The average days on market for units sold in December was 44 days, 4% below the 5-year December average of 46 days, and a healthy drop from November's 57 days on market.
There was a 100% month over month increase in new contract activity with 12 New Pendings; a 20% MoM increase in All Pendings (new contracts + contracts carried over from November) to 12; and a 28.9% decrease in supply to 32 active units.
This activity resulted in a Contract Ratio of 0.38 pendings per active listing, up from 0.22 in November and an increase from 0.24 in December 2014. The Contract Ratio is 37% lower than the 5-year December average of 0.60. 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.
Given that we are seeing an increase in new listings, but also an increase in properties under contract and closed sales, there is only a 2.2 month supply of inventory - a comfortable range for a seller's market.
Here are some more statistics for the overall 20815 market in case you really love numbers.
| Statistic | Dec | YoY | MoM |
|---|---|---|---|
| Total Sold Dollar Volume | 29,812,900 | up4.9% | up5.2% |
| Closed Sales | 29 | up7.4% | 0% |
| Median Sold Price | $785,000 | down19.5% | -10.3% |
| Average Sold Price | $1,028,031 | down2.4% | +5.2% |
| Median Days on Market | 29 days | up26.1% | -6.5% |
| Average Days on Market | 68 days | up79% | -8.1% |
| Median Price per Sq Foot | $507 | up14.2% | +4.5% |
| Average Price per Sq Foot | $522 | up11.8% | -0.4% |
Whether you are thinking of selling or buying a home, clearly you want to work with a realtor who understands your target market. Just give the Lise Howe Group a call at 240-401-5577 or start your search here. We are your market experts in your market!
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