Petworth real estate market report for October 2008
December 2nd, 2008, posted by Ken
(You also can download this report as a .PDF.)
October saw 21 single-family homes sold, as well as two condos in the Petworth market. The singe-family homes sold for 90 percent of their asking price, with the condos getting 94 percent of of their asking price.
The condo market is approaching a balanced supply, with 8.6 months supply currently on the market. While still a buyer’s market, five to seven months of supply typically is considered a market at equilibrium. The market for single-family homes, however, is a strong buyer’s market, with more than a one-year supply on the market.
To show how strong of a buyers’ market Petworth is, 31 percent of all single-family homes listed are short-sales, foreclosures, or estate sales. This situation will continue to keep pricing low in the market, but will provide great opportunities for first-time home buyers.
Housing product profile of the month: Three bedroom, two-plus bathroom row home
This month we are looking at three bedroom row homes with two or more bathrooms. Doing a search on all active listings, plus homes that sold in the past six months, we get an idea of what these homes are going for.
Twenty-eight three-bedroom row houses have sold in the past six months, with an average price of $356,205 and a maximum price of $499,900. Thirteen properties are under contract, ranging from $210,000 to $399,500 and averaging $298,000. Active listings range from $224,900 to $479,000 and average $341,994.
The average days-on-market for the sold units was 88 days, versus 148 days for the active listings.
For more information, contact me at ken@brandongreen.com or 202-318-1623 x4.
