GEORGETOWN CONDO MARKET REPORT - JUNE 2016
Real estate market data for the Georgetown Condo Market is provided by Lise Howe, Keller Williams Capital Properties
If you are interested in finding a condo for sale in Georgetown, just click here to see all the condos for sale.
GEORGETOWN CONDO MEDIAN PRICES
In Georgetown, the median sold price for condos in June was $515,000, a decrease of 8% from May but an increase of 39.4% from June 2015. (The median sold price for Georgetown condos for May was $560,000, representing a decrease of 7.4% compared to last month's $605,000 and a decrease of 4.4% from May 2015's $585,500.)
Year to date the median price has been $456,000, above the five year average of $426,430.
If you are interested in finding a condo for sale in Georgetown, just click here to see all the condos for sale. The stable sale prices and historically low interest rates make this a great time for buyers to move to their dream home!
GEORGETOWN CONDO INVENTORY LEVELS
In June 2016 there were 36 new condo listings, mirroring May's 36 new listings.
The June 2016 number of 36 new condo listings also matches the 5 year average of 36 new listings in June.
In June 2016 there were 198 active condo listings year to date on the market versus 206 at the same time in 2015.
GEORGETOWN CONDO PENDING AND CLOSED SALES
Year to date there are 148 pending sales and 127 closed condo sales. This contrasts with the 2015 numbers of 128 new pending sales and 102 closed condo sales at the same point in time. The 27 new pending sales in June represented a decrease of 6.9% over May and a 3.8% increase from June 2015. 21 new closed sales in June is a 16% decrease over May's numbers and a 30% decrease over June 2015. The five year average of closed sales in June is 24.
AVERAGE DAYS ON MARKET
In June the average days on market was 40 days versus the previous month of 54 days and the five year average of 38 days.
If you are interested in finding a condo for sale in Georgetown, just click here to see all the condos for sale in Georgetown
MARKET ACTIVITY SUMMARY JUNE 2016-
GEORGETOWN CONDOS
In 20007, the median sold price for Condo & Coop properties for June was $515,000, representing a decrease of 8% compared to last month and an increase of 39.4% from Jun 2015.
The average days on market for units sold in June was 40 days, 6% above the 5-year June average of 38 days.
There was a 6.9% month over month decrease in new contract activity with 27 New Pendings; a 6.7% MoM increase in All Pendings (new contracts + contracts carried over from May) to 32; and an 11.1% increase in supply to 60 active units.
This activity resulted in a Contract Ratio of 0.53 pendings per active listing, down from 0.56 in May and an increase from 0.36 in June 2015. The Contract Ratio is 1% higher than the 5-year June average of 0.52.
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.
To find out the value of your condo in Georgetown, just click here. We have lots of buyers looking for homes in the Georgetown area - and very likely for a home just like yours!
If you would like a private consultation on the and how to get it ready to market, please call the Lise Howe Group at 240-401-5577 or email us at lise@lisehowe.com.
We have just been voted one of the best realtors in the Washington DC market by Washingtonian Magazine. Find out how we can help you with all your real estate needs as we have helped hundreds of other clients.
Comments(9)