Highlights on the state of Bethesda’s residential real estate market for the month of November 2017:
Detached Homes
The median sale price for detached properties in November was $970,000 in October, representing a 2.1% increase from October and 0.8% increase year-over-year (Source: MarketStats by ShowingTime). The average days on market for detached homes sold in Bethesda was 70 days, which is 13% higher than the 5-year November average. New contract activity decreased roughly 41% from October and the Contract Ratio was 0.43 pending sales per active listing, up from 0.41 in October.
Townhouses
In November, the median sale price for townhouse properties in Bethesda was $1,939,750. On average, townhouse units were on the market for 24 days and the Contract Ratio was 0.29 pendings per active listing, compared to 0.25 in October and 0.32 in November 2016.
Condominiums
The median sale price for condominiums in November was $325,000, representing a 3.2% increase from October and 18.6% increase year-over-year. The average days on market for condos sold in November was 58 days, which is the same as the 5-year November average. New contract activity increased 25% from October and the Contract Ratio was 0.41 pending sales per active listing, up from 0.31 in October.