October 2023 Market Snapshot

Washington, DC Metro(various colors) Condos & Coops (in yellow) In Bright MLS, the median sold price for Condo & Coop properties for October was $338,750, representing an increase of 2.7% compared to last month and an increase of 5.9% from Oct 2022. The average days on market for units sold in October was 24 days, 21% below the 5-year October average of 30 days. There was a 2% month over month decrease in new contract activity with 2,088 New Pendings; a 0.3% MoM decrease in All Pendings (new contracts + contracts carried over from September) to 2,628; and a 6.6% increase in supply to 4,383 active units.

This activity resulted in a Contract Ratio of 0.60 pendings per active listing, down from 0.64 in September and a decrease from 0.64 in October 2022. The Contract Ratio is 16% lower than the 5-year October average of 0.72. 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.