Whether I'm at my block's book group meeting or a neighborhood picnic, the subject of Crestwood real estate never fails to come up.
Traditionally, one of Crestwood's draws has been prices that are somewhat lower than those west of Rock Creek Park for a close-in neighborhood with wonderful residents and many amenities. It is surrounded on three sides by Rock Creek Park, has a mix of architecture, and is very convenient to downtown. And until the big price run-up between 2002 and 2007, it was relatively affordable.
What's happening now?
If we look at the numbers for the year-to-date, there are some interesting signs.
Total Number of Sales: so far this year, 28 homes have settled - the highest number since 2005 (32 sales), and by the end of the year, we could set a record.
Average and Median Prices: At $794,623 (average) and $749,000 (median) both are lower than last year, and still below the 2004 levels. But most of the sales have been of the smaller "granny houses" that needed a complete gut renovation. There have only been three sales of the more expensive homes in the southwest part of the neighborhood, where the homes and lots tend to be very large, and where many of the homes have had extensive renovations. There were also two sales of homes that sold dramatically below the market value
List Price vs. Sold Price: The average house sold for 93% of the original list price, up from 92% for 2010 and below the 97% number at the 2005 peak. Also, there were 6 homes that sold over the asking price (23%), compared to 1 (5%) in 2010 and 6 (23%) at the peak year for bidding wars of 2004.
Days on the Market: the average house took 73 days to sell. Compare this to 106 for 2010, and 31 days for 2005 when the market was white hot.
Distress Sales: Like most of the DC market area, there have been very few distress sales in Crestwood. The one foreclosure and one short sale were not, in my professional opinion, the two best deals in the neighborhood so far this year.
Total Dollar Volume: During only 4 of the last 10 years have we seen the total dollar volume in Crestwood sales. Year to date, there have been a total of $19,332,048.
Here's the Chart:
Bottom Line: If you are looking for a wonderful neighborhood with relatively affordable homes, Crestwood is a great place to buy. And if you are selling, your timing might have been better, but it isn't really bad.
Currently, there are 12 homes for sale in Crestwood. Here is the list. If you'd like to get inside of any of them, call us!