"Now is the winter of buyers' discontent made glorious summer by... " higher mortgage interest rates?
Well, yes. For nearly a decade, home buyers in DC have complained about being frozen out of the housing market by relentless price increases, rabid bidding wars and chilling terms requirements imposed by sellers and listing agents. Now, as we move toward what is sure to be a disappointing winter for sellers, the sun has finally come out for buyers.
October DC Real Estate Numbers
IT'S FINALLY A BUYERS MARKET
October DC Real Estate Numbers
Median sold price for Detached homes in October was $1,239,000, up 27% compared to September, and up 5.2% from Oct 2021. This is the only home type with increases for both terms and a shorter selling cycle. The average days on market for detached homes sold in October was 25 days, 13% lower than the 5-year October average of 29 days. There was a 16.5% month-over-month decrease in new contract activity with 71 New Pendings; a 7.9% MoM decrease in All Pendings (new contracts + contracts carried over from September) to 105; and a 3.3% increase in supply to 254 active units. This activity resulted in a Contract Ratio of 0.41 pendings per active listing, down from 0.46 in September and a decrease from 0.81 in October 2021. The Contract Ratio is 44% lower than the 5-year October average of 0.73.
The median sold price for Attached homes for October was $609,500, up 4.2% compared to September, and down 7.7% from October 2021. The average days on market for units sold in October was 32 days, 21% above the 5-year October average of 26 days. There was a 9.2% month-over-month decrease in new contract activity with 516 New Pendings; a 5.6% MoM decrease in All Pendings (new contracts + contracts carried over from September) to 629; and a 2.1% increase in supply to 1,898 active units. This activity resulted in a Contract Ratio of 0.33 pendings per active listing, down from 0.36 in September and a decrease from 0.54 in October 2021.
The median sold price 5 year October average for Attached homes is $608,900. This October’s number beat that by a razor thin margin. The YTD numbers are dead even, at $625,000.
The DC median sold price for Condo & Co-ops for October was $485,000, up 3.2% compared to September, and down 3.6% from October of last year. Average days on market for units sold in October was 38 days, 23% higher than the 5-year October average of 31 days. There was a 14.5% month-over-month decrease in new contract activity with 277 New Pendings; a 13.7% MoM decrease in All Pendings (new contracts + contracts carried over from September) to 327; and a 1.4% increase in supply to 1,194 active units. This activity resulted in a Contract Ratio of 0.27 pendings per active listing, down from 0.32 in September and a decrease from 0.43 in October 2021. The Contract Ratio is 36% lower than the 5-year October average of 0.42.
Sold Price By Bedroom Count | All Home Types
What The Contract Ratio Means
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.
Median Days On Market | By Home Type
