Pat Kennedy - Your Washington, DC Real Estate Connection

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Georgetown Market Report

 

To understand what’s happening in the market in Georgetown, you have to really look at the numbers carefully. 

The number of sales is barely lower than they were two years ago.   And today’s sales  are taking a tiny bit less time to sell.  But what about the their prices?

If you just look at the changes in the average sales prices, today’s numbers don’t look fabulous.   The averages are about 86 percent of what they were two years ago, and 89 percent of last year’s.  But in  2007, there was a single huge estate that sold for $25 million – that can skew things a little bit.  And the highest number in 2008 a sale for $11,500,000.  Year to date, there haven’t been any big ones.  The largest so far is only $5 million. 

 When you look at the median prices, the numbers look a whole lot better.   They’ve increased each year.   

 So bottom line, I think the numbers help to tell a story, but you have to look behind them for the real story.

And here are those numbers:

  • Year                                         2009                 2008               2007
  • Number Sold                              70                     72                   74
  • Average List Price              $1,609,055        $1,771,253      $1,807,035
  • Average Sold Price             $1,486,186        $1,663,385      $1,710,514
  • Median List Price                $1,360,000        $1,295,000      $1,249,000
  • Median Sold Price               $1,250,000        $1,261,000      $1,175,000
  • Average Days on Market           94                     105                 100

Comment balloon 2 commentsPatricia Kennedy • September 27 2009 09:37PM

Comments

Pat - it doesn't look like you have seen the significant price and volume changes that have occurred elsewhere. Of course Georgetown is a bit of a unique market from what I recall.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California, Inc.) about 11 years ago

Jeff, some Washington neighborhoods have felt the market, but most of Northwest Washington has weathered the market pretty well.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 11 years ago

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