DC's Colonial Village: Once More, It's Slow But Stable

By
Real Estate Agent with Compass

Last year, I took at special look at some neighborhood statistics for the third quarter. Ill 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 isnt 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.

Lets 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 This number will be higher when we count the houses that have been on the market for a long time or that were withdrawn before they could sell, and it is higher right now.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.)

 

Posted by

© 2012, Catarina Bannier 

www.BannierHomes.com

www.DCHouseCat.com

www.DCHouseSmarts.com

     

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
District of Columbia District of Columbia County Washington Colonial Village/shepherd Park
Groups:
Realtors®
Tags:
homes for sale
house prices
market updates
real estate market statistics
shepherd park
rock creek forest
colonial village dc

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
179,861

Catarina Bannier

DC Real Estate The Smart And Fun Way
Want to hear more about DC Sears Houses?
*
*
*
*
Spam prevention

Additional Information