This is an ongoing series that will feature the latest in Hill home value changes straight from a Hill expert real estate agent. Jason Martin is one of the founding partners of Keller Williams Capital Properties and the principal at the Jason Martin Group. You may contact Jason at 202-641-0299.
New numbers published this month by RealEstate Business Intelligence show that the housing shortage in the D.C. housing market may be easing ever so slightly. A Washington Post story highlighted that “After 24 months of double-digit year-over-year declines, the pace has slowed to a single-digit year-over-year decrease.”
Still, the number of active listings is more than 34 percent below the five-year average. Houses that do come on the market are still going fast. There were 4,621 sales in August, the most for that month since 2006.
As it usually does, high demand and low inventory is driving up the price for area housing. The median price for the D.C. metro area reached its highest level for the month of August in eight years. At $415,000, it is up $30,000 or 7.8 percent higher than August 2012.
Now to narrow in on Captiol Hill specifically.
You are starting to see the average days on market start to creep up in both zip codes. This comes as no great surprise, as mortgage rates were on the rise.
It’s important for buyers and sellers to keep the mortgage rates in perspective though. While the swing was almost an entire percent, rates are still near record lows, and thus still a great time for buyers to lock in a rate.
Without doubt the Capitol Hill market remains strong. In the 20002 zip code, the average sold price was up nearly 10 percent over a year ago. Prices dipped a bit in 20003, but look at the average sale price to original list price as evidence of a good market.
Here is the breakdown by zip code:
20002 Zip Code
|
Aug-13 |
Aug-12 |
% Change | |
| Sold Dollar Volume |
37,193,332 |
$26,866,027 |
38.44% |
| Avg Sold Price |
$555,124 |
$506,906 |
9.51% |
| Median Sold Price |
$500,000 |
$455,000 |
9.89% |
| Units Sold |
67 |
53 |
26.42% |
| Avg Days on Market |
20 |
24 |
-16.67% |
| Avg List Price for Solds |
$554,085 |
$504,297 |
9.87% |
| Avg SP to OLP Ratio |
98.8% |
100.8% |
-1.23% |
The information above was provided by Real Estate Business Intelligence. Information deemed reliable but not guaranteed.
20003 Zip Code
|
Aug-13 |
Aug-12 |
% Change | |
| Sold Dollar Volume |
$25,520,200 |
$26,613,000 |
-4.11% |
| Avg Sold Price |
$607,624 |
$633,643 |
-4.11% |
| Median Sold Price |
$555,750 |
$580,000 |
-4.18% |
| Units Sold |
42 |
42 |
0.00% |
| Avg Days on Market |
40 |
51 |
-21.57% |
| Avg List Price for Solds |
$611,507 |
$638,684 |
-4.26% |
| Avg SP to OLP Ratio |
98.4% |
98.0% |
0.41% |
The information above was provided by Real Estate Business Intelligence. Information deemed reliable but not guaranteed.