Petworth Townhouse Market Report for November 2018
Have a townhome in the Petworth neighborhood in Washington DC and curious about what it might be worth? Are you trying to decide if now is the time to sell? Take a look at what's happening in your market this month.
Summary
In Petworth, Washington, DC, the median sold price for Attached/Townhouse properties for November was $668,400, representing a decrease of 4.8% compared to last month and an increase of 21.2% from Nov 2017. The average days on market for units sold in November was 76 days, 16% above the 5-year November average of 66 days. There was a 31.8% month over month decrease in new contract activity with 15 New Pendings; a 14.3% MoM decrease in All Pendings (new contracts + contracts carried over from October) to 24; and a 19.5% increase in supply to 49 active units.
This activity resulted in a Contract Ratio of 0.49 pendings per active listing, down from 0.68 in October and a decrease from 0.68 in November 2017. The Contract Ratio is 50% lower than the 5-year November average of 0.99. 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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