Waiting for Spring Market?
As we close out 2018 and get ready to usher in 2019, it's a good time to take a look at the market and see how detached homes are selling in the winter months. The weather hasn't felt like winter weather, but the schools are still one of the big draws to the area and we generally see sales slow a bit while kids are in school.
In 20817, the median sold price for Detached properties for November was $1,062,500, representing an increase of 17.4% compared to last month and an increase of 6% from Nov 2017. The average days on market for units sold in November was 123 days, 10% above the 5-year November average of 112 days. There was a 56.5% month over month decrease in new contract activity with 20 New Pendings; a 33.3% MoM decrease in All Pendings (new contracts + contracts carried over from October) to 34; and a 9.8% decrease in supply to 111 active units.
This activity resulted in a Contract Ratio of 0.31 pendings per active listing, down from 0.41 in October and a decrease from 0.33 in November 2017. The Contract Ratio is 17% lower than the 5-year November average of 0.37. 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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