Keeping up-to-date with current market conditions in Chevy Chase is important when buying or selling real estate. This information is not a way to stay educated during your transaction, but can also help you stay ahead of trends and learn whether the area is a buyers’ or sellers’ market.
Let’s take a look at the real estate market.
Current Conditions in the Chevy Chase Real Estate Market
Pending Ratio: 21.8%
Current Inventory: Mildly active
Currently there are 56 sales pending in the market overall, leaving 201 listings still for sale. The resulting pending ratio is 21.8% (56 divided by 257).
The pending ratio indicates the supply and demand of the market; a high ratio means that listings are in demand and quickly going to contract, while a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $800K – $1.2M price range has a relatively large pending sale. We also notice that the $1.2M – $1.6M price range has a relatively large inventory of properties for sale at 38 listings.
Chevy Chase Market Breakdown
Average List Price: $2,168,532
The average list price (or asking price) for all properties in this market is $2,168,532.
Comparing Sold Homes with Off-Market Homes
Average Sold Price: $1,367,041
Total Closed Contracts: 408
Listings Failed to Sell: 21
A total of 408 contracts have closed in the last 6 months with an average sold price of $1,367,041. Breaking it down, we notice that the $800K – $1.2M price range contains the highest number of sold listings. Alternatively, a total of 21 listings have failed to sell in that same period of time.
Listings may fail to sell for many reasons. These homes may be priced too high, having been inadequately marketed, been in poor condition, or had been taken off the market by the owner, perhaps due to second thoughts about selling at this particular time.
The $800K – $1.2M price range has the highest number of off-market listings at 8 properties.
Days on Market in Chevy Chase
Average DOM (Active Listings): 104
Average DOM (Sold Listings): 39
Days on market (DOM) is a useful measurement because it can help us to determine whether we are in a buyer’s market (indicated by high DOM), or a seller’s market (indicated by low DOM).
Analysis of sold properties for the last six months reveals an average sold price of $1,367,041 and 39 days on market. Properties in the $0K – $400K price range have sold quickest over the last six months.
The average sold price for the last 30 days was $1,355,212 with an average DOM of 57 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
Chevy Chase Market Ratios
List-to-Sale Ratio: 96.4%
Absorption Rate: 3 month supply
The average list-to-sales ratio for this area is 96.4%. We often use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.0 months based on the last 6 months of sales. The absorption rate is an estimate that is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. This estimate does not take into consideration any additional properties that will come onto the market in the future.
We Can Help You Sell Your Chevy Chase Home
For more insight on recent activity in Chevy Chase, MD and how it may impact you as home seller, contact us today. We would love to assist you by answering any questions you might have as well as providing you with helpful real estate resources.