“Draining the Swamp” Hurting D.C. Prices and Home Sales? Quite the contrary……

 

Much has been made of the potentially negative impact from President Trump’s vocal attempts to “drain the swamp” in Washington, D.C. After all, shouldn’t even the threat of reduced Government employment, lobbying efforts, and the like put a crimp on the surging real estate markets throughout the area?

Well, let’s put some of these projections to rest, because the early returns are in, courtesy of our friends at Champion Title.

Data from the end of March shows the following:

  • Overall sales in D.C. are occurring in less than 30 days on average, with the average sale price 1.7% above listing price.
  • Citywide increases in homes sales are up 16% compared to last year.
  • The most active markets are Cleveland Capital Hill, up a whopping 91% from previous year’s activity, and high-end Kalorama, up 40 percent from a year ago in number of sales.
  • Prices are also surging. The median price in Cleveland Park/Kalorama is now $585,000, up an average of 30%.
  • Foggy Bottom/West End is up an average of 23%.
  • Citywide average price increase for all sales is 7 percent.
  • The highest median home price remains in Georgetown at $997,525.
  • Average Days on market (DOM) for the entire city was 28 days; the lowest was Cleveland Park/Kalorama at 17 days; the highest was Georgetown at 56 days.

To say that the D.C. market remains robust is a major understatement.

 

Ray Wedell, Realtor

Chartered Financial Analyst, CFA

Samson Properties   

703-855-7299

http://www.RayWedell.com

#RayWedellDCRealEstate

 

 

 

 

 

 

 

Advertisements

Tags: , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: