Last year, I took at special look at some neighborhood statistics for the third quarter. I’ll do the same now. Why? Because the third quarter is a vulnerable time where trends show up in a more pronounced way. The market typically isn’t as slow as it is at the end of the year, but late summer/early fall is relocation time and often reflects strategic and economic decision home sellers and buyers make--in reaction to the local as well as national economy.

Let’s start with the market activity in Colonial Village. What do we see here?

First of all, it seems that the number of closed sales has been stable (as compared to the same season in previous years). The fact that fewer properties went under contract is easily explained by the low volume, however. Not a single new listing came on the market in Colonial Village during the third quarter!

But there also is a bit of really good news: For those transactions that closed, the prices have not only been stable, but actually increased by 10% (average closed price was $775,000 versus an average original list price of 828,225, making for a sold-to-list ratio of 93.6%). The average time on the market was still a little more than 3 months before a property went under contract (99 days compared to 111 days last year). This number will be higher when we count the houses that have been on the market for a long time or that were withdrawn before they could sell, and it is higher right now.

Sellers continue to price their properties a little higher than they should, although a gap of 6-7% seems a lot more realistic than the numbers we hear from other markets.

(As always, Shepherd Park and Rock Creek Forest stats will be next.)

Colonial Village/Takoma Park DC Real Estate Market Report Zip code 20012-August 2011

Some parts of Brightwood NW DC can also be considered a zip code 20012. Washington DC Real Estate Market is performing strong. With less than four months left,will the Washington DC Real Estate Market end at the finish line strong? Let's pray so.

Average sold price of a Colonial Village/Takoma Park DC home for sale in August 2011 was $416,494. Last year Average sold price of a Colonial Village/Takoma Park DC home for sale was 498,754. This is down 16.49% from last year. 17 Colonial Village/Takoma Park DC homes sold in August 2011. This is up from 13 Colonial Village/Brightwood DC homes that sold in August last year. Out of the 17 home sales,10 of Colonial Village/Takoma Park DC Home buyers used a Conventional loan,6 of them were FHA loans and one was a Cash buyer

Here is the Colonial Village/Takoma Park Real Estate Market Report zip code 20012 for August 2011

akoma Park Real Estate Market Report zip code 20012 for August 2011

Looking for a Colonial Village/Takoma Park DC or Brightwood NW DC Home for sale,Start your search here:

After yesterday's look at Rock Creek Forest just across the District Line, let's see what's available in neighboring Colonial Village on the DC side.

There are 6 properties offered for sale in Colonial Village DC right now, with asking prices ranging from $650,000 to $4,000,000.  7 are under contract, with asking prices between $579,900 and $713,543,00, after spending an average of 71 days on the market.  (Look out for the 1st quarter market analysis due in the next week or two.)

The active Colonial Village listings (courtesy of MRIS), in ascending order of price:

1711 Tamarack St NW

3 bedrooms, 3 full baths

$650,000

Listed by Murchison-John Realty

1610 Juniper St NW

4 bedrooms, 3 full and 1 half bath

$719,000

Listed by Prudential Ridgeway Realty

1901 Sudbury Rd NW

5 bedrooms, 4 full baths

$749,000

Listed by Long & Foster

Open Sunday, March 27th, 12-2 pm

8425 East Beach Dr NW

5 bedrooms, 4 full, 1 half bath

$829,000

Listed by Re/Max Professionals

1840 Redwood Ter NW

5 bedrooms, 3 full, 1 half bath

$1,100,000

Listed by Fairfax Realty

1859 Redwood Ter NW

6 bedrooms, 5 full, 1 half bath

$4,000,000

Listed by RE/MAX Supreme Properties

As always, if you are interested in seeing any of these homes, please call or email me!

On Sunday, we will look at Colonial Village's eastern twin, Shepherd Park.  Also, stay tuned for the first quarter statistics, to follow next week.

Is it really so bad, so dead?  Why are there so few houses on the market? Well, the 3rd Quarter of 2010 is over, and it's time to look at some comparative statistics.  As every season is different when it comes to some enduring factors in DC real estate, we will compare to the same quarter of the previous year.

First of all, the impression that few people are putting their homes on the market at the moment seems correct.  In comparison to the 3rd Quarter of 2009, closed sales have dropped 50% (from a total of 4 in 2009 to a total of 2 this year).  Similarly, the number of new homes entering the market in Colonial Village and the number of new contracts on existing listings went down as well.  The graphic on the left demonstrates the trend impressivly.

So, in a neighborhood with traditionally very low turnover it's no wonder that it appears from the outside that absolutely nothing is happening.

But let's look how prices have developed.  In 2009, the average 3rd Quarter sale closed for $777,750 (range: $552,000-1,109,000) while in 2010, the average price was $702,500 (range: $605,000-800,000).  In all fairness, however, it should be pointed out that such small samples easily get skewed--the 3rd Quarter 2010 homes were smaller than the ones sold last year (an average of 3.5 bedrooms and 3 baths versus an average of 4 bedrooms and 3.5 baths).

Another number that reflects market activity are the average days (DOM) a property spends on the market before it goes under contract.  For the 3rd Quarter of 2009, this was a little under 2 months (59 days, ranging from 4-111) while this year, it took more than 3 months to sell a house (111days, range 13-209).

Last but not least, we can examine what pricing stragies sellers and their agents embrace when they go on the market.  2009 homes closed for 96.4% of the original asking price, while 2010 homes went for 90.7%.

Altogether, the situation is not bad at all--for either side.  The main problem here, however, is that many sellers who have a choice are afraid to put their house on the market at a time they perceive as possibly the "bottom of the market."  For eager buyers who want to take advantage of the great interest rates, it seems exceedingly difficult to find suitable houses.  In many DC neighborhoods, multiple offers on well-priced listings are once more very common.

(Statistics for Colonial Village's twin neighborhood of Shepherd Park to follow.)

Depending on the outcome of the short sale there have been various answers to this question.  Majority credit is affected, some bring cash to the table, others do a promissory note, while many look for the bank to defer the difference in which many home owners still find themselves paying taxes on a partial mortgage on a home they no longer own.  The truth is effective June 30th 2010 the guidelines have once again change. Click for more!

Washington, DC Real Estate Services

Damon The Agent specializes in selling homes in Washington, DC, Maryland, and Virginia.  Short Sales, Foreclosures, New Homes, Regular Sales. 240-694-6460

No, I’m not talking about 18th century houses which we don’t have a whole lot of here. (There have been too many termites, fires and riots in the Nation’s Capital.) Nor am I talking about the type of house we have more than enough of—probably 90 percent if you believe the realtors’ classification in the MLS--: the brick “Colonial.” (When in doubt, it’s always a Colonial.)

I’m talking about an amazingly beautiful NW Washington DC neighborhood that many of the city’s inhabitants west of Rock Creek Park have barely heard of: the original part of the "Colonial Village" near the northern tip of the DC square that gave the whole neighborhood its current name.

It’s a 80-year old kind of subdivision that is almost entirely nestled in Rock Creek Park. The streets all have names like “Yorktown” or “Plymouth,” and they are unusually wide with circles and central green spots for neighborhood gatherings. All the original homes here, about 90 or so, were perfect replicas of (rather stately) “Authentic Colonial Dwellings,” and “true in character to the period of the Original Thirteen Colonies,” as the April, 1935 Washington Post ad here testifies. True reproductions, except for one thing: “present-day living conveniences” such as “modern gas appliances,” plumbing and electrical power.

I found this old ad after I helped a young couple buy this very place a couple of years ago. It had been owned by the same family for decades, and even though it was well maintained, some of the “modern” amenities were actually original. (The inspector had a ball with the 75-year-old heating system and the half dozen fuses on the power panel.)

The twin neighborhoods of Colonial Village and Shepherd Park themselves are a well-kept secret for DC buyers. The turnover here is relatively low; prices are lower than in other established neighborhoods; downtown Silver Spring, Maryland is a walk away, the White House is a straight zip down 16th St, and there are many other things great about it. However, people don’t easily stumble across the neighborhood. It’s out of the way for visitors, it’s surrounded by the Park, Maryland, and Walter Reed Hospital on three sides, and there are no urban businesses such as cafes or stores whatsoever (the zoning doesn’t allow them).

Thus, in my experience, buyers who want to move here usually already know someone who lives in the neighborhood and, even better, they are already convinced of its greatness and want to live here and nowhere else.  The grand views of the original “Colonial Village,” however, often even stun those determined buyers.

If you're looking for a large classic brick colonial on a huge lot in Washington, DC, this could be your lucky day! 

1628 Roxanna Road, NW is in Colonial Village, a neighborhood just inside the DC line, and very close to Metro, I-95 and a fast drive downtown.  It's also near the section of Rock Creek Park that gets closed down on weekends for cyclists, runners and dogs. 

The house is nicely renovated and has lots of room to grow beyond it's current 4-bedroom, 2 1/2 bath size. 

It sits on a double lot, creating so many possibilities for additions, a pool, or a very serious garden. 

It's also very close to one of my favorite neighborhood eateries, The Parkway Deli - it's as close as you're going to get to New York in Washington.

The price has been reduced to $745,000, and it will be Open tomorrow between 1:30 and 3:30 pm. 

To get there, take 16th Street to Roxanna and go west to 1628.  It's just below the DC/Maryland line.