New Listings and New Pendings Up In Washington DC
New listings were up 1.2% in March from the same time in 2018 and 32.8% from February 2019. New Pending sales rose 9.2% from the same time in 2018 and 28.4% from February 2019. Spring has arrived.
Detached Single Family Homes
Median sold price for Detached properties for March was $809,500, an increase of 28.9% from February and an increase of 10.9% from March 2018. Average Days On Market in March was 60 days, 34% below the 5-year March average of 90 days. There was a 3% month-over-month increase in new contract activity with 139 New Pendings; a 3% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 197; and a 6.8% increase in supply to 252 active units. This activity resulted in a Contract Ratio of 0.78 pendings per active listing, down from 0.86 in February and a decrease from 1.02 in March 2018. The Contract Ratio is 14% lower than the 5-year March average of 0.91.
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.
Attached Homes
Median sold price for Attached properties for March was $565,000, representing a decrease of 1.7% compared to last month and an increase of 4.2% from Mar 2018. The average Days On Market for units sold in March was 49 days, 34% below the 5-year March average of 74 days. There was a 33.1% month-over-month increase in new contract activity with 825 New Pendings; a 20% MoM increase in All Pendings (new contracts + contracts carried over from February) to 1,034; and a 0.7% increase in supply to 971 active units.
This activity resulted in a Contract Ratio of 1.06 pendings per active listing, up from 0.89 in February and a decrease from 1.07 in March 2018. The Contract Ratio is 5% lower than the 5-year March average of 1.11.
Condos & Co-Op Sales
Median sold price for Condo & Coop properties for March was $483,000. This was an increase of 2.7% compared to February and an increase of 0.6% from March 2018. Average Days On Market was 52 days, 28% below the 5-year March average of 73 days. There was a 28.1% month-over-month increase in new contract activity with 469 New Pendings; a 22.2% MoM increase in All Pendings (new contracts + contracts carried over from February) to 551; and a 0.5% decrease in supply to 572 active units.
This activity resulted in a Contract Ratio of 0.96 pendings per active listing, up from 0.78 in February and an increase from 0.84 in March 2018. The Contract Ratio is 3% higher than the 5-year March average of 0.93. 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.
How did your neighborhood and home type fare?