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 Bright MLS, which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.
Featured Property: 320 9th St SE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Bedrooms: 2 Baths: 1.5 Parking: Street Ownership: Fee Simple
Original List Price: $919,500. List Price at Contract: $899,000.
List Date: 3/14/2018 Days on Market: 32
Settled Sales Price: $899,000.
Seller Subsidy: $3950.
Settlement Date: 5/11/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
The original GDoN post for this house received an impressive total of 77 comments. Not surprisingly, a 2 bedroom house at this price point stimulated discussion around the challenge of affordability within the DC real estate market.
In doing research for this post, I came across the April 2005 listing for the property.
Spring Market 2005. The house was listed for $589,000 and settled at $712,500.
DC Spring Market in 2005 was crazy. It was a pace and intensity that agents had never experienced prior. Prices had been dramatically increasing since the late 90’s, financing was ridiculously easy to come by, and lots of folks were speculating about bubble popping.
Some time after, depending on the neighborhood, the market either slowed or ground to a halt in parts of DC. Prices flattened, or slid down. (Ironically, that is when everybody should have jumped in and started buying up, but admittedly, it was a scary time to take the plunge.)
Many of us who bought in 2005 thought we would never see the value of our homes appreciate above what we paid for them.
Fast forward to 2018. With the strong economy and increasing demand for housing in DC, it is hard to imagine prices dipping in the future. Despite periodic setbacks and fluctuations in the market, which are normal and expected, the current market continues with substantial momentum.
The listing agents for this transaction were Ryall Smith and Andrew Glasgow with Coldwell Banker Residential Brokerage. Annie Richardson with Keller Williams Capital Properties, represented the Purchaser.