Date: 21 Jan 2012 0 Comment Posted by: Kristin Cummins
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Today we’ll be delving into the 20007 real estate market, which most famously hosts the Georgetown neighborhood, but not to be overlooked are the neighborhoods of Berkley, Glover Park, and Observatory Circle, as well as small sections of Palisades and Wesley Heights.
Georgetown can be a tough nut to crack when it comes to real estate market statistics. Not only is every home unique in one way or another, it is also a market of outliers where the sale of one home can significantly impact the average price for homes of like size.
For example, the chart below shows average prices in 2011 for 2, 3, and 4 bedroom homes. In October and November of 2011 we can see that the average price for 3 bedroom homes actually exceeded that of 4 bedrooms, the only time all year that occurred. Both spikes can be attributed to the sale of a single home.
So, we have to take broad real estate data such as this with a grain of salt, and in most cases, the outlier will need to be removed in order to truly understand the bulk of the market. The outliers themselves have to be considered on a case by case basis if owners are interested in a valuation of their property. Of course, for an accurate valuation of any home that is always true.
Want to see more 20007 data? Check out the additional charts and brief remarks below:
This chart, which shows the percentage of ORIGINAL asking price homes are receiving, is subject to the same outlier influence as the chart for average prices, only in the reverse, where the higher priced home closes for significantly less than the asking price.
For this sort of high value market, it is impressive to see that days on market hovers around 100 days in so many instances. Because the home values are so high in 20007, this suggests a very strong real estate environment.
Still have unanswered questions about the 20007 market? Let us know with a comment below, or you can feel free to reach out to us via the various contact forms here on the site.4>
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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.