Washington DC Remains A Hot Market in Home Sales
Southwest Waterfront, Washington DC, We are now finished with 2015, and the District’s real estate market numbers are in. Washington, DC has seen an unprecedented all time high with home prices recovering to post-2007 levels. Like all markets some neighborhoods struggled to see home sales; but overall several upscale neighborhoods in Northwest Washington area remained fiery. While Northwest Washington DC has has had a moderately low days-on-market, Southwest Waterfront, Washington DC is experiencing a perfect storm. Extremely affordable home prices, new developments coupled with apartments, condos, offices, three hotels, a movie theater, a jazz club, a piano bar, a country-western bar, an Irish pub and a 6,000-capacity concert hall, makes for a highly desireable neighborhood for people of all ages.
Below are some statistics from 2015 and based on these numbers we can say it was an extremely great year with projections for the District to go further in the green:
Average sales price
Defined: The price at which a property sells
The average sales price for D.C. is up 3.6 percent year to date (from $620,026 in 2014 to $642,219 in 2015). Across the board, sales prices are up in the majority of D.C. neighborhoods.
Cleveland Park has experienced the highest percentage of average sales and Congress Heights coming in second place with a 17.2% uptick in home prices.
Average days on market
Defined: The number of days a property takes to go from active on the market to under contract
A tremendous indicator of the health of a neighborhood is the days on market. Washington, DC overall market has seen a decrease of one day, from 38 days in 2014 to 37 days at close of 2015. Looking at the median days on the market, the best of 2015 so far goes to Southwest Waterfront with an average Days On Market of 16 days. Close behind is Columbia Heights with 22 days. The inventory supply is low in DC, with an average 1.6 month supply. Certainly you could say it's a sellers market based upon these numbers and others provided in total.
Sales to list price ratio
Defined: The ratio between the price a property sells for and its original market list price
The percentage in the ratio dictates how much of the asking price the seller received in the final sale of their home. This is one of the most important factors of home sales; the sales price to list price ratio of Congress Heights has reigned supreme over all others. In 2015 Congress Heights has experienced 106 percent of the asking price and that’s an increase of 14 percent from 2014. Brookland, DC and Logan Circle, DC all experienced 100+ percentage of their asking price at time of closing.
Southwest Waterfront, DC Homes for sale and Real Estate Service. Sherman Hardy is your local Real Estate Expert for Washington, D.C., and surrounding areas. You now have free access to Washington, DC Ultimate Real Estate Search Engine! I'm ready to provide you with a custom home valuation if you're considering selling your home. Google or call me today and let’s discuss how I can help you. Sherman Hardy 301-659-5004