Edgewater, MD home sales show strength Month over month and year over year and home values are poised for more growth in 2016.
In Edgewater, MD, the median sold price for Detached properties for January was $390,000, representing an increase of 59.2% compared to last month and an increase of 30% from Jan 2015. The average days on market for units sold in January was 341 days, 94% above the 5-year January average of 176 days. There was a 42.1% month over month increase in new contract activity with 27 New Pendings; a 45.2% MoM increase in All Pendings (new contracts + contracts carried over from December) to 45; and an 8.1% decrease in supply to 114 active units. This activity resulted in a Contract Ratio of 0.39 pendings per active listing, up from 0.25 in December and no change from January 2015. The Contract Ratio is 11% higher than the 5-year January average of 0.35. 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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