If you are a Bethesda condo homeowner or a buyer interested in moving into a condo in Bethesda MD, you probably have lots of questions about the real estate market - especially in this hyper hot sellers' 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 January 2020, there are lots of choices in the Bethesda market.
Here’s a snapshot of recent activity in the Bethesda condo market.
Inventory:
- 18 condos sold in January 2021 compared with 35 condos sold in December 2020 and 42 in November 2020. 17 sold in January 2020. The five year average for January is 18. In 2019 314 condos sold whereas 354 sold in all of 2020, a 12.7% increase.
- There were 38 new listings in January, a 100% increase from the 19 in the month of December, and a slight increase from the 37 in November 2020. The five year average for January is 39 so these numbers are consistent with the historical January market.
- There were 88 condos on the market at the end of January - an increase over December's 84 but up from the January 2020 number which was 62. The five year is 79.
- There were 28 pending sales in January, an 12% increase over the pending sales level in December and November 2020 and a 27.3% increase over the 22 pending sales in January 2020. The five year average of new pending condo sales in Bethesda in January is 24.
Click here to view currently listed condos in Bethesda
Prices:
- The median sale price in January for a Bethesda condo was $250,000, which represents an decrease of 16.7% from December’s level of $300,000 but an 18% decrease over the previous year’s median sale price in January 2020 of $305,000. The December 5-year average sale price was $304,000.
Days on Market:
The average number of days on market in January 2021 was 39 days for a condo to go under contract as compared to December 2020's 48 days and January 2020's 52 days. The 5-year average in January was 51 days. This suggest that the market is beginning to heat up for condos too, even though the median price has dropped. - 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 increase from .29 in December 2020 and a decrease from .44 in January 2020. The contract ratio is also 17% percent lower than the January 5 year average of .41. 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. The combination of the increase overall in available condos due to completion of construction, the low interest rates facilitating buyer ability to move into single family homes, and the concern on the part of some about life in high rise condos may be contributing to this shift to a buyer favoring market.
Please click here to see all the condo and coop properties for sale in Bethesda. Want more space? Just click here for all the single family homes and townhouses. Prices range from nearly $3M in February 2021 for a condo at the Lauren and $135 for a small cooperative at the Promenade.
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.
Comments (7)Subscribe to CommentsComment