If you are a Bethesda condo homeowner or a buyer interested in moving into a condo in Bethesda, 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 Bethesda MD?
At the end of February 2020, there are lots of choices in the Bethesda market.
Here’s a snapshot of recent activity in the Bethesda condo market.
- 21 condos sold in February 2020 as compared to 17 in January 2020 and 23 in February 2019. The five year average for February is 20. Year to date 38 have sold, compared with 40 in the same time period in 2019.
- There were 42 new listings in the month of February, which was a 16.7% increase from 36 in January and a 31.3% increase from Feburary 2019. The five year average for February is 34. 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 65 condos on the market at the end of February - Compared to January's figure of 62 but down from February 2019 which was 75, similar to the 5 year average of 78.
- There were 36 new pending sales in February, and increase of 63.6% over January. The five year average of new pending condo sales in Bethesda in February is 27.
The median sale price in February for a Bethesda condo is $250,000, which represents a decreae of 18% from January's level of $305,000 and 12.3% from February 2019's level of 285,000. . However, the February 5 year average sale price was $326,650.
Days on Market:
The average number of days on market in February 2020 was 57 days for a condo to go under contract as compared to January 2020's 52 days and February 2019. The five year average days on market for February is 69 days.
WHAT DOES THIS MEAN FOR BUYERS AND SELLERS?
This market activity resulted in a contract ratio of .60 properties under contract per active listing. This is an increase from .44 in January 2020 and .45 in February 2019. The contract ratio is also .27 percent higher than the February 5 year average of .47. A higher contract ratio signifies a relative increase contract activity relative to the supply of active listings and indicates that the market is moving in the seller'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.