In Bethesda, MD, the sales activity in November 2015 suggests a softening condo market – bad for sellers but good for buyers. This conclusion on my part is supported by the fact that a new high rise construction project in downtown Bethesda on Norfolk Avenue changed from a condo buildng to apartments within the last two months, I feel certain that the market is changing to a buyer market.
The median sold price for Condo & Coop properties for November was $311,000, representing a decrease of 9.2% compared to last month and a decrease of 17.1% from Nov 2014.
The average days on market for units sold in November was 54 days, 15% below the 5-year November average of 63 days. There was an 11.1% month over month decrease in new contract activity with 24 New Pendings; an 8.8% MoM decrease in All Pendings (new contracts + contracts carried over from October) to 31; and a 2.4% decrease in supply to 83 active units.
This activity resulted in a Contract Ratio of 0.37 pendings per active listing, down from 0.40 in October and a decrease from 0.39 in November 2014. The Contract Ratio is 31% lower than the 5-year November average of 0.54.
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.
If you would like to receive more information about the Bethesda condo market, please email Lise Howe at lise@lisehowe.com. To see every condo for sale in Bethesda, just click here!