Market Update June

Condo and Co-Op sales from $600K to $799,999 dominated closed sales in the DC market in May 2019. There were 84 closed condo and co-op sales in that price range out of a total of 446 closed sales for all home types.

Condo and Co-Op sales from $600K to $799,999 dominated closed sales in the DC market in May 2019. There were 84 closed condo and co-op sales in that price range out of a total of 446 closed sales for all home types.

The median sold price for Detached properties for May was $818,500, representing an increase of 3.1% compared to last month and a decrease of 5.6% from May 2018. The average days on market for units sold in May was 56 days, 29% below the 5- year May average of 79 days. There was a 5.8% month over month decrease in new contract activity with 162 New Pendings; a 4.4% MoM increase in All Pendings (new contracts + contracts carried over from April) to 237; and a 13.2% increase in supply to 342 active units.
This activity resulted in a Contract Ratio of 0.69 pendings per active listing, down from 0.75 in April and a decrease from 0.98 in May 2018. The Contract Ratio is 31% lower than the 5-year May average of 1.00. 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.

the median sold price for Attached properties for May was $585,000, representing an increase of 3.1% compared to last month and an increase of 2.7% from May 2018. The average days on market for units sold in May was 36 days, 37% below the 5- year May average of 57 days. There was an 8.5% month over month decrease in new contract activity with 832 New Pendings; a 4.1% MoM decrease in All Pendings (new contracts + contracts carried over from April) to 1,025; and a 15.5% increase in supply to 1,205 active units. This activity resulted in a Contract Ratio of 0.85 pendings per active listing, down from 1.02 in April and a decrease from 0.88 in May 2018. The Contract Ratio is 18% lower than the 5-year May average of 1.04.

The median sold price for Condo & Coop properties for May was $476,000, representing a decrease of 2.9% compared to last month and a decrease of 0.8% from May 2018. The average days on market for units sold in May was 38 days, 35% below the 5-year May average of 58 days. There was a 4.8% month over month decrease in new contract activity with 480 New Pendings; a 0.9% MoM decrease in All Pendings (new contracts + contracts carried over from April) to 560; and a 16.1% increase in supply to 743 active units. This activity resulted in a Contract Ratio of 0.75 pendings per active listing, down from 0.88 in April and an increase from 0.68 in May 2018. The Contract Ratio is 12% lower than the 5-year May average of 0.85.