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Sold in Six Days “Demand does not appear to be waning”

by Prince Of Petworth January 26, 2018 at 10:55 am 0

Good Deal or Not Revisited (GDoN-R) is a weekly post that reviews the settled sales data of a recent individual real estate transaction in the District of Columbia. Each post is intended as a case study and a snapshot of the real estate market at a particular moment in time. GDoN-R generally posts on Friday in the late morning.

GDoN-R has been written exclusively for PoPville since 2009 by Suzanne Des Marais. Suzanne is a practicing Realtor with Compass. 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 and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.

Featured Property: 1815 9th Street, NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: U Street-Shaw
Bedrooms: 3 Baths: 2.5 Parking: Note in listing: “Other” Ownership: Fee Simple
House Square Footage per Tax Record: 1746
Original List Price: $775,000. List Price at Contract: $775,000.
List Date: 12/15/2017 Days on Market: 6
Settled Sales Price: $781,219.
Seller Subsidy: $0.
Settlement Date: 1/9/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

This week’s subject property is a small scale rowhome with a burgundy bathroom, near the Shaw/Howard University Metro.

Inventory of active listings in this neighborhood is notoriously tight, with consistently about 1.3 months worth of supply (the amount of time it would take based upon the current pace of the market to absorb the current amount of inventory). With six months of inventory considered a balanced market, this limited supply generally works in favor of sellers.

Demand does not appear to be waning, as the 20001 zip code saw more than a 14% increase in the number of homes sold in 2017 versus 2016. District-wide, the number of units sold increased by 8.56% in 2017 compared to 2016.

Steady and aggressive demand is reflected in the increase in median sold price, which in zip 20001 went up 6.39% ($675,000. from $634,450.) in relation to the previous year. Days that a listed home remains on market, another indicator of demand, went down from an average of 32 days in 2016, to 27 in 2017.

Although it seems like every property sells with multiple offers, homes in the area typically settle around 99% of list price. That said, the average price that sellers in zip 20001 listed for in 2017 increased by 8.5% over 2016.

With mortgage interest rates on the rise again, the 2018 Spring market is expected to be especially lively, throughout the City.

The listing agent for this transaction was Tom Zorc with EJF Real Estate Services. Kwame Browner, with Weichert, Realtors, represented the Purchaser.

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