Date: 24 Jan 2012 0 Comment Posted by: Kristin Cummins
The undisputed heart of Washington, DC business and nightlife, the Dupont and Adams Morgan neighborhoods are sought after destinations by many who are looking for that walkable work-life balance. Whether you are that car-less condo owner with memberships to Zipcar and Capital Bikeshare, or you have a private drive, with your vintage Ferrari in the garage, and your 1975 Bordeaux in a climate controlled cellar, Dupont and Adams Morgan have something for you. And because you probably work close to home, you are able to enjoy your neighborhood offerings to the fullest.
Through down times it can pay off to live in such a desirable area, but how did Dupont and Adams Morgan (zip code 20009) fair in 2011? Have a look at the charts below, along with a brief commentary on each.
The story of average prices in Dupont and Adams Morgan is a rather short one: prices have been flat for the last 5 years, and continued to be in 2011, though both row homes and condos did show an overall improvement in 2011. However, in the housing market that we have experienced over the last 5 years, flat is a win, a BIG win actually.
Days on market is the demand side of the good old supply and demand equation. In suburban areas these two lines would tend to show a dramatic difference, but not in an urban center like Dupont and Adams Morgan. The average days on market for condos did spike toward the end of the year, but if you look at the 3 and 5 year data, you can see this happening to some degree almost every year in the 4th quarter.
Understanding how much inventory is on the market and how long it will take to “absorb” that inventory is a more complicated equation than simply looking at this chart. However, in simple terms, we can see that in December 2011 there were 150 listings, and 50 listings sold. In theory (very loose theory), if no new listings come on the market it would take 3 months for all the existing inventory to sell. According to the National Association of Realtors, this is well within the confines of what would be considered a seller’s market. If you add in the pending contracts, which is typically part of the more accurate equation, this number improves dramatically.
That is just brief overview of the Dupont and Adams Morgan real estate market through 2011. If you have questions, or would like to see additional data points please reach out and let us know!
Kristin, the founder of The Ramsbury Group, has been representing clients and redeveloping properties in the Washington DC area for over a decade. She has represented residential and commercial clients in transactions ranging from $200,000 to $4 million in value as well as commercial leases up to 15,000sf.