Capitol 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)
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