November Market Update
Latest Data | 2023 in the District of Columbia:
- Oct. 2023 Sold Dollar Volume was $402,129,235, a decline of -13.09% from Oct. 2022’s $462,697,001;
- Oct. 2023 Median Sold Price was $678,500, up 4.38% from October 2022;
- Avg Days on Market (DOM) in October was 30 Days, up 1 day from Oct. 2022;
- Avg SP to Orig. List Price Ratio in October was 98.1%, up 0.65% from Oct. 2022;
- Ratio of Avg SP to Avg Orig. LP in October was 97.4%, down -0.29% from Oct. 2022.
November Market Summary
CONDO | CO-OP
The Median Sold Price for Washington DC Condo & Coop properties during October was $492,750, up 9.5% compared to September, and an increase of 1.6% from Oct. 2022. The average Days On Market for units sold in October was 35 days, 9% higher than the 5-year October average of 32 days. There was a 15.2% month-over-month decrease in new contract activity with 235 New Pendings; a 1.2% MoM decrease in All Pendings (new contracts + contracts carried over from September) to 333; and a 2.4% increase in supply to 1,173 active units. This activity resulted in a Contract Ratio of 0.28 pendings per active listing, down from 0.29 in September and an increase from 0.27 in October 2022. The Contract Ratio is 28% lower than the 5-year October average of 0.39.
ATTACHED
Washington DC Median Sold Price for All Attached properties for October was $637,750, up 8.5% from September, and up 4.6% from Oct. 2022. The average Days On Market for units sold in October was 31 days, 15% above the 5-year October average of 27 days. There was a 9.2% month-over-month decrease in new contract activity with 454 New Pendings; a 3.1% MoM increase in All Pendings (new contracts + contracts carried over from September) to 659; and a 2.1% increase in supply to 1,841 active units. This activity resulted in a Contract Ratio of 0.36 pendings per active listing, up from 0.35 in September and an increase from 0.33 in October 2022. The Contract Ratio is 26% lower than the 5-year October average of 0.49.
DETACHED
Median Sold Price for District of Columbia Detached properties for October was $1,210,000, an increase of 12.3% from September, and a 2.3% drop from Oct 2022. The average Days On Market for units sold in October was 22 days, 17% below the 5-year October average of 27 days. There was a 13.7% month-over-month decrease in new contract activity with 82 New Pendings; an 8.7% MoM increase in All Pendings (new contracts + contracts carried over from September) to 125; and a 1.9% increase in supply to 266 active units. This activity resulted in a Contract Ratio of 0.47 pendings per active listing, up from 0.44 in September and an increase from 0.41 in October 2022. The Contract Ratio is 33% lower than the 5-year October average of 0.70.
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.