We're all hearing stories on the nightly news - even NPR - on how dire things are in the national real estate market.  And in some markets, things are indeed dire.  But if you own a home in DC's Cleveland Park, the news is not bad at all..  In fact, I'd say the real estate recovery is in your own back yard right now.

If you have a home to sell in Cleveland Park, today’s market is more seller-friendly compared to this time last year.  Looking at the statistics for closed sales year-to-date compared to the same period in 2010, prices are on the increase, although it is taking a bit longer to sell, on the average.  Here’s a picture of what’s going on:

Number of Sales:  More homes are selling this year.  So far, there have been 23 Cleveland Park homes that have sold, compared to only 15 for the same period in 2010.    That is a 53 percent increase.

Selling Prices:  Year to date, the average sales price for a homes in Cleveland Park was $1,562,500 in 2011, compared to $1,495,352 for last year, up 4.5 percent.

Days on the Market:  Looking at the statistics, it looks like it took much longer to get a home sold, up from 22 days in 2010 to 67 days in 2011.  There were, however, two homes in this year’s numbers that took almost a year to sell.  If we remove them from the mix, the average goes to 43 days – still almost twice as long, but not all that bad.

Price Reductions:  This year has also seen more price reductions needed to get properties sold.   In 2011, 8 of the 23 homes sold had their prices lowered, compared to only 2 of 15 for 2010.  

These numbers are giving us some interesting messages. 

Prices are indeed going up.  At the same time, sellers and their agents may need to be a little more realistic at the onset about how to price and market properties. 

Still, I must say.  If you need a longer listing period to get a higher price, that’s not a terrible thing.

If you are planning a move to or from the Washington, DC area, I can help.  Call, email or text me at:
Housepat@mac.com
202-549-5167
Licensed in DC, Virginia and Maryland

 

Subscribe in a reader

 

11 Comments on Good News For Home Sellers In DC’s Cleveland Park

AUG
17
2011
270,814 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I look forward to the time when our market shows strength again.
4:11pm • #1
1,324,847 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat

The Washington DC market is moving in the right direction.

Good luck and success.

Lou Ludwig
4:15pm • #2
233,802 Points 36 Featured Posts Outside Blog Called Shot Master

Hi Pat.   That is encouraging news.   

5:03pm • #3
1,306,558 Points 96 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

WOW! That's a lovely price point to be working in... I wish I could get into the higher niche!
6:54pm • #4
1,583,165 Points 429 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat

Cleveland Park is a great area and you have captured the market there in an intriguing and informative way. Love that house...soooo New England looking.

Jeff
8:33pm • #5
237,509 Points 6 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Pat, great news about the real estate recovery in Cleveland Park.  I used to live near the DC/Chevy Chase border, so I know Cleveland Park well.  Continued good luck!!!
10:18pm • #6
570,582 Points 25 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Hi Pat - I am another who sees a real estate market much different from the doom and gloom I hear on the national news.  I spend a lot of my time explaining to clients that our area market is different, and in fact, it differs form neighborhood to neighborhood - one reason why it is important for them to make sure they are working with a Realtor who can educate them on the market trends from one place to another.
10:52pm • #7
AUG
18
2011
878,908 Points 10 Featured Posts Outside Blog

Pat - an educated consumer is our best customer as long as their education is local and supplied by a local competent Realtor®
1:11am • #8
209,464 Points 6 Featured Posts Outside Blog Called Shot Master

Pat, I am watching the different area statistics here on AR and it seems the luxury home market is steadily recovering everywhere.  The media is negative in general, but we get a beating here in Naples. 
2:38pm • #9
1,343,104 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat - Here in Florida homes are moving quickly off the market as international investors scoop property up!
4:29pm • #10
470,404 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HI Patricia,

Excellent report and information good for you to dig into your local DC Cleveland Park, it is so important to review the numbers closely when the sample is relatively small, and one or two extreme situations can really throw off the numbers for everything.
7:05pm • #11

Login or register to leave a comment
 
Photo%20on%2012-9-12%20at%208 Ambassador_large

Patricia Kennedy

Washington, DC

More about me…

Evers & Company Realtors

Address: 4400 Jenifer Street NW, Washington, DC , 20015

Office Phone: (202) 364-1700

Cell Phone: (202) 549-5167

Email Me

Pat Kennedy -- author of The Irreverent Guide to Real Estate -- gives you a look at life on the streets as a real estate broker in our nation's capital. And her blog is peppered with great advice combined with humor!


Listings

Links

Archives

RSS 2.0 Feed for this blog