If you are a Chevy Chase condo homeowner or a buyer interested in moving into a condo in Chevy Chase, you probably have lots of questions about the real estate market. What do you need to know in order to make an informed decision about when (or even if) to buy and sell a condo in Chey Chase MD?
At the end of February 2020, there are lots of choices in the Chevy Chase market.
Here’s a snapshot of recent activity in the Chevy Chase condo market.
- 13 condos sold in February 2020 as compared to 10 in January 2020 and 7 in February 2019. The five year average for February is 12.
- There were 27 new listings in the month of February, which was a 107.7% increase from 13 in January and a 68.8% increase from Feburary 2019. The five year average for February is 22. This increase in inventory suggests that sellers are gaining confidence that they can find their new home - and that they think the sales prices are attractive!
- There were 38 condos on the market at the end of February - a healthy increase over Januarys's figure of 25 but down from February 2019 which was 46, similar to the 5 year average of 45.
- There were 12 new pending sales in February, and increase of 20% over January. The five year average of new pending condo sales in Chevy Chase in February is 14.
The median sale price in February for a Chevy Chase condo is $500,000, which represents an increase of 5.7% from February’s level of $473,250 and a 2% increase over the previous year’s median sale price in February of $490,000. However, the February 5 year average sale price was $460,000.
Days on Market:The average number of days on market in February 2020 was 50 days for a condo to go under contract as compared to January 2020's 67 days and February 2019's 47 days.
- WHAT DOES THIS MEAN FOR BUYERS AND SELLERS?
This market activity resulted in a contract ratio of .34 properties under contract per active listing. This is an decrease from .56 in January 2020 and .37 in February 2019. The contract ratio is also 3 percent lower than the February 5 year average of .35. A lower contract ratio signifies a relative decrease contract activity relative to the supply of active listings and indicates that the market is moving in the buyer's favor.
To learn more about the real estate market in Bethesda, MD, please contact us at 240-401-5577 or email us at Lise@lisehowe.com.