Special offer

Market Report - 20002 - Washington, DC NE (Capitol Hill North) 2015 02

By
Real Estate Agent with RLAH / @properties DC / MD / VA

Union StationCapitol Hill is also a neigborhood in Washington, a big village, split hafway across, half in the NE and half in the SE quadrant of Washington, DC.  Politicians work here, but people live here also.

On the line between north and south is Lincoln Park, a treasured neighborhoold resource by locals, from kids to parents to runners to dog owners & dogs.  There's a dog Halloween costume party which I've been to a few times as well.

This park is owned/mainted by the National Park Service, being set up with L'Enfant's Plan to have been the point from which all distances across the US were to have been measured. (that didn't work out)

When out of town guests come to visit, if they want a stroll through the beighborhood, our dog is thrilled to walk a few blocks from home to Lincoln Park, check out who's there before coming back home. It's also a great way for guests to visit our neighborhood.

 

This February, 50 homes were sold, which shows slightly more volume than the average for the prior 5 years is 46;  this tells us we are selling more than usual.

Currently 83 homes are on the market, whereas average for February the prior 5 years is 109, forcing us to see a tight market.

We are at 1.2 Months of Supply, this is low and compares to 1.7 in the prior 5 years, which speaks to the market having been strong for quite a long time here.  Regardless of what measure is being considered, even the 5 year average is low.

 

While this month's $507,500 Sold price compares with 5 year average of $439,075, this is lower than the prior month's values.  I'd expect this is because of a different housing mix, as developers figure out how to create smaller and more homes. In the past 2 weeks, we've seen plans for a 27-unit building in the neighborhood, each unit being either a studio or a 1 bedroom.  These do show how and where the neighborhood is seeing developers work with lots and tear-downs which would not have been considered in the past.

A fast market is shown with the average home being sold in 12 days, 5 year average being 18, but to keep perspective, this number of 12 is higher than the two other neighborhoods I've also reviewed this month.

While the ratio of sold price to original list price is 100.0%, the average for the prior 5 years was 98.6%.  Interesting number, that doesn't yet mean the seller can make up a price and go with it.

Last month, I spoke to a group of people about the current status of pricing, asking price and sold price.  You can see my post on Traction Feb 2015 to see that chart; this should help explain how homes are selling for 100% of asking, though 12 days is the longest period of the three reports I've done this month (Capitol Hill North, Capitol Hill South, SW DC) as surprising as that may be.

(data from getsmartcharts; photo from WAMU which is the local NPR station and a reliable local news source)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Thigh inventory, increased prices these are clearly a recipe for a continued seller's market, Endre

Mar 22, 2015 03:27 PM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Hi Claude, 

Once again I can't see the charts.  Don't know what's going on.  I'm using Chrome as my browser...

 

Mar 23, 2015 06:25 AM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

Endre Barath, Jr. It sure seems like all signs are pointing up.

Wayne and Jean Marie Zuhl I'm going to have to check this out with a Chrome browser, maybe that's the problem?  I'm using Firefox.  Even though the charts aren't legible, surely you'll see the average sold to listing price was 100%, and you'll understand sellers are pretty happy about that.

Mar 23, 2015 06:29 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Claude, looks like you have a similar market to ours, tight inventory, and hope you continue to enjoy a strong market.  

Mar 23, 2015 12:55 PM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

Joan Cox Sellers are happy / Buyers, not so much.

Mar 23, 2015 12:59 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Claude, I think your comment in #5 pretty much sums it up, a lot for sellers to be happy about, buyers need to pay more and act faster, and that obviously won't please them.

Mar 24, 2015 06:19 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I can't even imagine trying to work with buyers with that little inventory if a buyer wanted that neighborhood.  I don't know how it feels to be in that kind of market in way too many years of 24+ months of inventory on hand.

Mar 24, 2015 12:11 PM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

Tammy Lankford and Liz and Bill Spear Let's all agree, it's just a different market, which requires clients (buyers & sellers) as well as agents to work differently.  Different pieces of the puzzle become harder (buyer agency, setting prices and getting appraisals), different pieces become easier (no need to have multiple open houses)

Mar 24, 2015 12:29 PM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

Wayne and Jean Marie Zuhl I've got no idea....I'm able to see the charts in Chrome (on windows).

I guess it's good that the text explains the charts...

Mar 25, 2015 12:36 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Claude, sellers ARE the ones with the smiles, and buyers are struggling to get properties under contract.  

Mar 25, 2015 10:49 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for sharing the market reprot. Have a good weekend.

Apr 03, 2015 09:17 PM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

Thank you Gita Bantwal , it will soon be spring in the city.

Apr 04, 2015 03:15 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Claude

The Washington DC real estate market continues to move forward with strong activities.

Good luck and success.

Lou Ludwig

Apr 04, 2015 01:55 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I've never seen the information presented with ''meters''. I absolutely love it. Do you use a special soft wear or your mls helps you?

Apr 23, 2015 04:42 PM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

Inna Ivchenko There is a local company with a product (GetSmartCharts.com) which creates the data in this (as well as the standard chart & spreadsheet formats).  I like this format because in some cases, seeing information differently allows for different understanding.

The company is overlayed with RBI and they say they are currently supporting the DC/MD/VA market, as well as an mls in Florida and in Arizona.

Eventually, you may yet see them, as you are part of a large and I would imagine, attractive mls for them to target.

Apr 24, 2015 02:48 AM