The statistics are in for January 2016!  Bethesda Maryland is still the place to be for anyone looking for a community close to DC with lots of green space, restaurants, entertainment, athletic activity, and an easy community to other parts of the metro area.  There is a wide range of housing stock from luxury single family homes and townhouses to studio apartments.  There is new construction and fifty and sixty year old ramblers and split levels.  There is something for everyone!

Clearly Buyers have found a lot to like in Bethesda.  Closed sales were up last month over the five year average of 54 properties. New pendings are showing a slight slowing however and are slightly down from the five year average of 66 properties in January.

After a number of years of tight inventory, sellers are finally starting to come into the market, bringing an increase in inventory.  The true question is whether the buyers are going to keep pace with the increase in inventory or will we see inventory start to build as sellers push the price envelope and buyers sit on the sidelines in protest.

The average sold price in January is up over the five year average as one would expect since five years ago we were coming out of a significant market adjustment.

The average days on market for a sold property are also beginning to lengthen slightly over the five year average.

BETHESDA DETACHED PROPERTIES

In Bethesda, MD, the median sold price for Detached properties for January was $890,000, representing a decrease of 1.1% compared to last month and a decrease of 15.2% from Jan 2015.

The average days on market for units sold in January was 80 days, 7% below the 5-year January average of 86 days. There was a 7.3% month over month increase in new contract activity with 44 New Pendings; a 2.6% MoM increase in All Pendings (new contracts + contracts carried over from December) to 80; and a 1.3% decrease in supply to 150 active units.

This activity resulted in a Contract Ratio of 0.53 pendings per active listing, up from 0.51 in December and an increase from 0.45 in January 2015. The Contract Ratio is the same as the 5-year January average of 0.53. 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.

In short, this is a good time to put your single family home on the market but not a time to push the market beyond historical high levels.

BETHESDA TOWNHOUSES

In Bethesda, MD, the median sold price for Attached/Townhouse properties for January was $814,500, representing a decrease of 24.6% compared to last month and an increase of 0% from Jan 2015. The average days on market for units sold in January was 28 days, 24% below the 5-year January average of 37 days.

There was a 200% month over month increase in new contract activity with 3 New Pendings; a 33.3% MoM increase in All Pendings (new contracts + contracts carried over from December) to 4; and a 7.7% decrease in supply to 12 active units. This activity resulted in a Contract Ratio of 0.33 pendings per active listing, up from 0.23 in December and an increase from 0.12 in January 2015. The Contract Ratio is 52% lower than the 5-year January average of 0.68.

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.

Like the single family market in Bethesda, the townhouse market is tipped slightly in favor of the seller but does not suggest an opportunity to set new price highs.

BETHESDA CONDOS

The Bethesda condo market is bucking the overall trend of the Bethesda market in January.  In Bethesda, MD, the median sold price for Condo & Coop properties for January was $263,625, representing a decrease of 11.2% compared to last month and a decrease of 30.6% from Jan 2015.

The average days on market for units sold in January was 91 days, 25% above the 5-year January average of 73 days. There was a 14.3% month over month increase in new contract activity with 16 New Pendings; a 4% MoM decrease in All Pendings (new contracts + contracts carried over from December) to 24; and an 8% increase in supply to 81 active units.

This activity resulted in a Contract Ratio of 0.30 pendings per active listing, down from 0.33 in December and a decrease from 0.74 in January 2015. The Contract Ratio is 51% lower than the 5-year January average of 0.61. 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 a valuation of your home in today’s market, be sure to give the Lise Howe Group with Keller Williams Capital Properties a call at 240-401-5577. There are always buyers looking for a great home and we would love to help you connect with them to find the smooth transaction. We can also be reached at lise@lisehowe.com