September’s data shows conditions in the DC condo market moving in buyers’ favor. The median sold price for Condo & Coop units for the month was $423,700, a decrease of 5.8% compared to August and an increase of 1.8% from Sep 2017. Average Days On Market for units sold in September was 44 days, 12% higher than the 5-year September average of 39 days. There was a 14.5% month-over-month increase in new contract activity with 380 New Pending Sales; a 17.4% MoM increase in All Pending Sales (new contracts + contracts carried over from August) to 486; and a 24% increase in supply to 879 Active units.

This activity resulted in a Contract Ratio of 0.55 pendings per active listing, down from 0.58 in August and a decrease from 0.66 in September 2017. The Contract Ratio is 17% lower than the 5-year September average of 0.67. 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.