The market statistics are in for the Bethesda real estate market in September 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 commute 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. Bethesda has new construction and fifty and sixty year old ramblers and split levels. There is something for everyone and if you want more information about the value of your Bethesda home, just ask the Lise Howe Group for a confidential market analysis!
Buyers took a little longer to buy in Bethesda in September. Closed sales were off last month down to 70 properties , off the five year average of 85 properties. This is not surprising since new pendings in August were below the five year average too.
New pendings in September promise a better October. New pendings are back above the five year average. There were 102 pending sales in September versus 94 pendings on a five year average.
After several years of tight inventory, sellers are finally putting homes on the market, bringing an increase in supply. While this is positive, the buyers are not keeping pace with the increased supply and we are now at 3.7 months of supply (versus the five year average of 3.3 months of supply.)
The average sold price in September is nicely 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 over the five year average.
BETHESDA DETACHED PROPERTIES
In Bethesda, MD, the median sold price for Detached properties for September was $965,000, representing a decrease of 7% compared to last month and an increase of 10.3% from September 2015.
The average days on market for units sold in September was 85 days, 35% above the 5-year September average of 63 days.
There was a 46% month over month increase in new contract activity with 73 New Pendings; a 37.8% MoM increase in All Pendings (new contracts + contracts carried over from August) to 102; and a 19.3% increase in supply to 229 active units.
This activity resulted in a Contract Ratio of 0.45 pendings per active listing, up from 0.39 in August and an increase from 0.38 in September 2015. The Contract Ratio is the same as the 5-year September average of 0.45.
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 may well be the time to put your single family home on the market because it appears that the market is moving quietly in the buyer’s favor.
If you are looking for a new home, you should certainly check out these single family homes!
All Bethesda Homes Under $750,000
All Bethesda Homes Between $750,000 and $1,000,000
All Bethesda Homes Between $1,000,000 and $2,000,000
All Bethesda Homes Over $2,000,000
BETHESDA TOWNHOUSES
In Bethesda, MD, the median sold price for Attached/Townhouse properties for September was $712,150, representing a decrease of 17.5% compared to last month and an increase of 3.8% from September 2015.
The average days on market for units sold in September was 31 days, 40% below the 5-year September average of 51 days. There was a 300% month over month increase in new contract activity with 4 New Pendings; a 100% MoM increase in All Pendings (new contracts + contracts carried over from August) to 4; and a 5.3% decrease in supply to 18 active units.
This activity resulted in a Contract Ratio of 0.22 pendings per active listing, up from 0.11 in August and an increase from 0.12 in September 2015. The Contract Ratio is 43% lower than the 5-year September average of 0.39. 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 numbers, this suggests that we are moving toward a buyer’s market, so if you are considering selling your townhome, this might be the time to do it – before the buyer market really begins! If you are thinking of selling your home, be sure to give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com.
If you are looking for a new townhome in Bethesda, check out these links below.
All Bethesda townhomes under $500,000
All Bethesda townhomes between $500,000 and $1,000,000
All Bethesda townhomes above $1,000,000.
BETHESDA CONDOS
In Bethesda, MD, the median sold price for Condo & Coop properties for September was $377,500, representing an increase of 42.5% compared to last month and an increase of 32.5% from September 2015.
The average days on market for units sold in September was 54 days, 4% below the 5-year September average of 56 days. There was a 7.4% month over month decrease in new contract activity with 25 New Pendings; a 2.4% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 40; and a 26.4% increase in supply to 110 active units.
This activity resulted in a Contract Ratio of 0.36 pendings per active listing, down from 0.47 in August and an increase from 0.30 in September 2015. The Contract Ratio is 20% lower than the 5-year September average of 0.45. 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
Like the single family numbers and townhome numbers, this suggests that we are moving toward a buyer’s market, so if you are considering selling your condo, this might be the time to do it – before the buyer market really begins in the fall! If you are thinking of selling your home, be sure to give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com.
If you are interested in buying a condo either as your personal residence or as an investment property, check out these links below!
Condos and Coops Under $300,000 in Bethesda
Condos and Coops Between $300,000 and $500,000 in Bethesda
Condos and Coops Between $500,000 and $750,000 in Bethesda
Condos and Coops Between $750,000 and $1,000,000 in Bethesda
Condos and Coops Over $1,000,000 in Bethesda
If you would like detailed demographic information about Bethesda as well as school reports or market trends and statistics (including recent sales in the area) please visit my website,www.thelisehowegroup.com.
There are a number of sites on the internet that will give you ‘estimates’ for what your home will sell for. These sites use public records and usually some kind of algorithm to try to produce a value for your home. These sites also publicly state their ‘error rates’. That means they aren’t correct, they are simply an estimate based on incomplete data. To find out more about why Zillow estimates, for example, are so often wrong, just click here!
We can do a free comparative market analysis of your home or condo in Bethesda and let you know what could expect to get in today’s market if you are considering selling. Our valuation is based on up to the day data for homes that have recently sold in the area. Our valuation is not based on a formula that relies on public records which can take months to update. Please visit my website in order to get your free property evaluation for your Bethesda home or condo.
POSTED BY LISE HOWE, KELLER WILLIAMS CAPITAL PROPERTIES 301-251-1221 or 240-401-5577 (direct)
If you are looking for a home in the DC metro area, you know there is more to the process than just picking a property and making an offer. You need to find the best location for your wants and needs, get a great price, and work with a lender who will make your life easier – not harder. Trust your search with a Realtor who is licensed in DC, MD and VA and really knows the city and all its secret neighborhoods.
Start your search with the Lise Howe Group, Washington Natives who love the city and all its quirkiness! If you are moving or relocating to Washington DC, be sure to ask for our relocation guide. Call us at 240-401-5577 to schedule an appointment or email us at lise@lisehowe.com. Too excited to wait to talk to us about a great home? Just click here to start that home search.
If you want to see what is for sale in Washington DC, Chevy Chase and Bethesda, check out these links below:
Bethesda Single Family Luxury Homes
Chevy Chase Single Family Luxury Homes
Luxury Single Family Washington DC Homes
