Bethesda Condo Prices – May 2016
Real estate market data for the Bethesda Condo Market is provided by Lise Howe, Keller Williams Capital Properties
BETHESDA CONDO MEDIAN PRICES
In May 2016 the median price of condos was $310,000, indicating a 8.8% decrease from the previous month and an increase of 21.6% from May 2015. Year to date the median price has been $305,000, which is a drop from the 2015 price of $320,000 – and slightly less than the 5 year average median price in May of $307,000.
BETHESDA CONDO INVENTORY LEVELS
In May 2016 there were only 41 new condo listings, a significant drop from April’s 59 new listings and May 2015’s 50 listings. While the May 2016 number of 41 new condo listings is lower than recent numbers, it is very close to the 5 year average of 42 new listings in May.
This new listing number for May should not be taken as a harbinger of a tighter market since there were 217 new condos listings on the market in May 2016 versus 200 in May 2015.
In May 2016 there were 100 active condo listings on the market versus 113 in April 2016 and 89 in May 2015. The five year average is 72.
BETHESDA CONDO PENDING AND CLOSED SALES
Year to date there are 144 pending sales and 95 closed condo sales. This contrasts with the2015 numbers of 140 new pending sales and 115 closed condo sales at the same point in time. In May there were 46 new pending sales, representing an increase of 43.8% over April and 100% from May 2015. 27 closed sales is a 35% increase over April’s numbers and an 8% increase over May 2015. The five year average of closed sales in May is 26.
AVERAGE DAYS ON MARKET
The average days on market is beginning to increase. In May the average days on market was 66 days versus the previous month of 47 days and the five year average of 50 days.
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This activity resulted in a Contract Ratio of 0.63 pendings per active listing, up from 0.42 in April and an increase from 0.42 in May 2015. The Contract Ratio is 11% lower than the 5-year May average of 0.71. 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.
To find out the value of your condo in Bethesda, just click here. We have lots of buyers looking for homes in the Bethesda area – and very likely for a home just like yours!
If you would like a private consultation on the value of your home and how to get it ready to market, please call the Lise Howe Group at 240-401-5577 or email us at lise@lisehowe.com.
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