Highlights on the state of Bethesda’s residential real estate market for the month of March 2018:
The median sale price for detached properties in March was $1,003,750, up 6.5% from February and down 4.9% year-over-year (Source: MarketStats by ShowingTime). The average days on market for detached homes sold in Bethesda was 43 days, which is 36% below than the 5-year March average. New contract activity picked up 55% from February and the Contract Ratio was 0.66 pending sales per active listing, no change from the previous month.
In March, the median sale price for townhouse properties in Bethesda was $520,000, 51.1% lower than the median for February and 49.3% lower year-over-year. On average, townhouse units were on the market for 8 days and the Contract Ratio was 0.19 pending sales per active listing, down from 0.44 in February.
The median sale price for Bethesda condominiums in March was $312,500, representing a 21.9% decrease from February and 9.4% decrease year-over-year. The average days on market for condos was 48 days, 32% below the 5-year March average. New contract activity increased 36% from February and the Contract Ratio was 0.44 pending sales per active listing, slightly higher than the ratio in the previous month (0.40).