“sold for 6 percent less than it was originally listed for”

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 Peabody St NW
Advertised Subdivision per Listing: Brightwood
Bedrooms: 4 Baths: 3.5 Parking: Detached 2 car garage Ownership: Fee simple
Original List Price: $749,000. List Price at Contract: $729,000.
List Date: 11/01/2018
Days on Market: 25
Settled Sales Price: $700,000.
Seller Subsidy: $0.
Settlement Date: 12/21/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

This semi-detached brick home, with lots of unpainted original woodwork, radiators and mini splits, updated baths, new appliances, a large yard and two car garage, sold relatively quickly.

Note that Bright MLS, which is the new proprietary MLS system for local Realtors, calculates days on market differently than the previous system, MRIS. Days on market count continues when the property is subject to contingencies such as home inspection, appraisal, etc.

It also sold for 6 percent less than it was originally listed for.

In the past six months, within 1/3rd of a mile of the subject property, there have been 21 sales of fee simple houses. That’s a good bit of activity within a neighborhood, showing some decent demand.

Prices ranged from $365,000. to net $810,000. On median, homes in this area during the past six months sold around 5 percent below the original list price.

In contrast, below Missouri Ave NW, homes in nearby Petworth settled over the past six months, on median, at 100% of original list price.

The listing agent for the subject transaction was Margaret Babbington with Compass (per disclosure above, the same brokerage that the writer is affiliated with). Sam Medvene with Help-U-Sell Federal City, LLC, represented the Purchaser.