Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a popville.com advertiser. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.
Featured Property: 1614 Newton St NW
Legal Subdivision: Mount Pleasant
Advertised Subdivision per Listing: Mount Pleasant
Bedrooms: 3 Baths: 2 Basement: Yes Parking: Off Street
Original List Price: $615,000.
List Price at Contract: $615,000.
List Date: 04/04/2013
Days on Market: 11
Settled Sales Price: $650,000.
Seller Subsidy: $0
Settlement Date: 05/10/2013
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the link above and click on the camera icon to scroll through pics.
This property was listed and went under contract in the month of April, which is pretty much the height of the Spring real estate market. Given that the price escalated above list and the language in the listing reads (all caps direct quote): “OFFERS DUE BY 1PM ON FRIDAY”, let’s assume more than one person wanted to buy this house.
For would be buyers who are sick and tired of tripping over competing buyers at open houses, it might be good news that in April 2013 the Washington, DC real estate market overall saw a 17.39%* increase in listings compared to April 2012. In the zip code 20010, which includes the subject property, there was a massive 37.4% increase in active listings compared to last April. That should mean some relief, right?
In April 2012 there were 27 new listings in zip 20010, and April 2013 jumped up to 37. In reality, that’s not a whole lot more listings. The number to look at in relation are whether the number of pending sales changed. In DC overall, comparing year over year April numbers for 2012 and 2013, the numbers of new pendings increased by 13.19% (remember inventory went up 17.39%). In zip 20010, the number of pendings remained exactly the same, suggesting that some of the new inventory was not absorbed as quickly. So, frustrated buyers…hang in there! Your new house may be out there yet.
The listing agent was Linda Low of Long and Foster. Rod Rochowiak of Stages Premier represented the buyer.
*Stats courtesy of Real Estate Business Intelligence, a subsidiary of MRIS.