January 2022 Market Snapshot

1. Washington, DC Metro (in various colors)
2. Condos & Co-ops (in yellow)

In Bright MLS, the median sold price for Condo & Coop properties for January was $295,000, representing a decrease of 1.7% compared to last month and an increase of 6.1% from Jan 2021. The average days on market for units sold in January was 38 days, 19% below the 5-year January average of 47 days. There was a 16.9% month-over-month increase in new contract activity with 2,773 New Pendings; a 13.6% MoM increase in All Pendings (new contracts + contracts carried over from December) to 3,783; and an 8.3% decrease in supply to 3,041 active units.

This activity resulted in a Contract Ratio of 1.24 pendings per active listing, up from 1.00 in December and an increase from 0.97 in January 2021. The Contract Ratio is 64% higher than the 5-yearJanuary average of 0.76. 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.