uploaded to Flickr by Rhett Maxwell
Sure, the robins and daffodils scream spring, but this time of year it’s the increasing number of Open House signs that signal arrival of the vernal equinox. The self-confessed open house voyeurs could be in training for speed and stealth for when the right house comes along, because here on the Hill you have to be fast; and while we’re not yet back to the crazy days of escalation clauses, the days between “For Sale” and “Sold!” shrank by almost 50% over the last year. The year-end sales totals are in, and they point to the big federal-jobs related protective bubble that to has insulated much of the city’s homestock, and they indicate we homeowners should continue to smile broadly while we keep our fingers (and toes) crossed very tightly. Sales are still hopping here on the Hill, and this year promises to be more of the same, if not better.
Add the following data points to your scorecard for next Sunday’s tour and you’ll be closer to winning the local official sport “Fantasy Homebuyer” (fueled weekly by Sharee, Phil and Jeanne), which is probably followed more closely (and more, ahem, proudly) than the Nats.
So, courtesy of Joel Nelson of the Joel Nelson Group, here are the stats:
Total home (fee simple) sales settled in 2010: 496, up from 487.
- Low sale: $184,750
- High sale: $2.625MM
- Sales under $500K: 152
- Sales over $1MM: 30, up from 20 in 2009
- Median sold price: $594,000, 6.2% increase from 2009
- Average (mean) sold price: $629,500, increase of 8.6% from 2009
- Median days on market before contract: 16, down from 25 in 2009
- Average (mean) days on market: 39, down from 59 in 2009
Total condo/co-op sales settled in 2010: 176, down from 187 in 2009
- Low sale: $178,000
- High sale: $912,000
- Sales under $300K: 46
- Sales over $500k: 18, down from 28 in 2009
- Median sold price: $346,000, down from $358,000 in 2009
- Average (mean) sold price: $367,250, down $373,000 in 2009
- Median days on market before contract: 21, down from 43 in 2009
- Average (mean) days on market: 47, down from 70 in 2009.
The downside to all this is, of course, the damnable increase we’ve lamented in the property tax bills that arrived a few weeks ago.
I started looking in 2009 and can attest that things got crazy on the Hill in 2010. The prices shot up, and all the good deals were swamped with bids within a week. Fortunately I was able to buy when demand slowed down this winter.
Most people I’ve talked with have seen very modest increases in property tax assessments. Mine was ~ %.02 — hardly “damnable” in my book.
No escalation clauses? What would do you live in the hill all Spring last year and I would not be surprised if it gets worse this year.
We bought our house at the end of 2009. We lost out on a house because someone’s escalator clause beat mine and THREE others in a five way price war. The house we ultimately got had a competing bid and the day we got our contract two more offers arrived too late.
You can’t get peak prices on the hill, but if the property is in good shape and in at least a semi-desirable location AND you price it modestly, it will be gone in a heartbeat and there will be competition for it.
Attention Hill homeowners: there are LOTS of hungry buyers out there, especially those looking in the 500-800K range. If you’ve been waiting to sell, don’t. Inventory is very low. I just lost out on an offer WITH an escalation clause up to asking price. There were four other bids and the property went for more than asking price with no appraisal contingency. Anything on the Hill in good shape that is priced reasonably WILL sell within a week!