Date: 22 May 2012 0 Comment Posted by: Kristin Cummins
The Georgetown real estate market is looking relatively steady through the spring of 2012, but there may be some downward undertones.
Average prices for all home categories have been consistent for the last 2 years, the occasional spike in single family detached home prices not withstanding. The last few months do seem to show a slight downward trend, and all categories are down substantially from April of 2011. However, the ebb and flow of the last 2 years tells me there is little justification for alarm bells.
Overall market activity is stable, with consistent spread between the number of active listings and the number of listings under contract. Though there is some increased separation in April, there is nothing dramatic to note.
Of the 3 charts in this post this is the only one that might be somewhat alarming, especially if we look at just the single family detached homes. Days on market for detached, single family homes in Georgetown and Burleith (ie. 20007) are up nearly 400% since January. Contrary to the previous, stable charts, this is a dramatic change indeed. With 38 single family homes on the market as of the end of April this is a stat that could drive down prices, which might have a ripple effect down through row-homes and condos as well.
To be clear, this is not meant to be a doom and gloom message, and if we dug deeper there may be a clear explanation. However, it is the first consistent multiple month trend upward along this chart over the last couple years, so it is a point of interest.
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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.