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