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: 3204 Rowland Pl NW
Legal Subdivision: Cleveland Park
Advertised Subdivision per Listing: Cleveland Park
Bedrooms: 4 Baths: 4 Parking: Garage, Driveway/Off Street Ownership: Fee Simple
Living Square Footage per Listing: 2650 square feet Lot Sq Ft: 9240
Original List Price: $2,500,000. List Price at Contract: $2,500,000.
List Date: 1/11/2018 Days on Market: 14
Settled Sales Price: $2,225,000.
Seller Subsidy: $0.
Settlement Date: 3/15/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
A few weeks ago, GDoN-R looked at the mega high end of the DC real estate market. Those were properties over $5 Million and represent less than 1% of total settled sales.
Of the nearly 150,000 real estate transactions in the District of Columbia in 2017, the $2-$3 Million market also represents a small (still less than 1%) percentage of the overall market.
Unlike the $5 Million and up market, which is fairly consistent over the years for the small number of properties sold at this price point, homes sold in the $2-$3 Million range have been increasing over the past several years.
Whereas the number of total units sold in DC has increased nearly 40% from 2012 to 2017, the number of $2-$3 Million sales has increased 144% during that time period.
Although it seems like there are fewer properties available in the lower price ranges, the number of units available for sale has increased over the years, as well. In the $400,000. to $499,999. price point, the number of units sold in 2017 was 53% more than in 2012. The challenge? The number of people looking to buy in lower price ranges has also increased significantly, although that information is more difficult to quantify.
The listing agents for this transaction were Anne Weir and Heidi Hatfield with Washington Fine Properties. Tyler Jeffrey, also with Washington Fine Properties, represented the Purchaser.