“the number of homes sold per year between $2-$3 Million has more than doubled in the short five years since 2012”

Ed. Note: The Washington Business Journal reported that this was John McLaughlin‘s house, RIP.

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 MRIS (Metropolitan Regional Information Systems), which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.

Featured Property: 3116 Woodland Dr NW
Legal Subdivision: Massachusetts Avenue Heights
Advertised Subdivision per Listing: Massachusetts Avenue Heights
Bedrooms: 4 Baths: 4.5 Parking: Attached 2 Garage Ownership: Fee Simple
Lot size: 17,581 square feet
Original List Price: $2,495,000. List Price at Contract: $2,495,000.
List Date: 7/3/2017 Days on Market: 8
Settled Sales Price: $2,625,000.
Seller Subsidy: $0.
Settlement Date: 12/1/2017
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.

The average sale price in 2017 in the Mass Ave Heights neighborhood, near the Cathedral, Garfield Street, and the Vice President’s mansion, is over $5,000,000. The subject property, which is a 1955 detached home on a nearly half acre lot, is a bit of outlier, and not just because at a $2.5 Million list, it was priced at the low end of the neighborhood.

This sale is notable within the price point because it not only went under contract within eight days, it sold more than 5% above the list price.

In the Washington, DC real estate market in 2017, in the price range between $2 Million and $3 Million, homes have sold, on average, more than 6% below list prices. The typical time on market for this price point is at least 28 days.

Given that home prices in DC have been on a steady upward trajectory since the Recession, it may not be much of a surprise that the number of homes settled per year between $2-$3 Million has more than doubled in the short five years since 2012. Within the past year (and it isn’t even over), there have been a total of 147 sales throughout the city in this price range. (In contrast, in the $500,000.-$600,000. range, which covers DC’s 2017 median home price for houses, condos, and co-ops, there have been 616 settled sales).

The listing agent for this transaction was Melanie Hayes with TTR Sotheby’s International Realty. Jonathan Taylor, also with TTR Sotheby’s International Realty, represented the Purchaser.