Washington DC All Home Types – March 2017 Market Update
Spring began early in the 2017 Washington DC real estate market, with big jumps in most metrics.
Closed sales increased modestly from January to February at 541 sales (up 0.7%), but reflected a 15.6% increase from the same time last year.
Total Sold Volume in February was $383,124,272. This was a 31.9% increase Y-o-Y and a 4.5% jump from January.
Median Sold Price was $519,000., down 3.4% from last February and -1.6% from January.
Median Days On Market was 18 days, lower than both the Y-o-Y (-10%) and M-o-M (-21.7%) numbers.
Median Price Per Sq Foot was $504.00, a 2.4% increase from last February and up 8.9% from January 2017.
February saw 1.7 months of inventory, up slighting from the 5 year average of 1.6 months.
How did your neighborhood and home type fare?
Buchanan Park is Now Selling
Buchanan Park is a development of 32 three and four bedroom townhomes on the former Buchanan School site in the Capitol Hill neighborhood of Washington DC. Adjacent to Buchanan Park is the new Buchanan School project offering 41 luxury condominiums by one of our favorite developers.
Watkins Alley: Predicting Fierce Competition For The Alleyway Carriage House
Watkins Alley is a 4 story, 44 unit residential development in the Hill East neighborhood of Washington DC. Developers are creating a cool mix of vintage-industrial townhouse-style condos, flats, lofts and a single Federal-style carriage house on the alley lot. The project is a redevelopment of industrial buildings on an historic alleyway near Watkins Elementary School.
Two Phases for NoMA’s Market Terminal
Market Terminal is a Planned Unit Development at Union Market. Market Terminal includes six buildings placed over two phases on three adjoining sites, offering office, retail and residential in the NoMA neighborhood of Washington DC. Phase I will consist of two residential buildings; a 10-story high rise and a 6-story mid-rise, along with an office building and 30k SF of retail space. The developer expects this portion of the project to release in the fall of 2018.
Neighborhood Profile: American University Park
Step up to a new station in life in American University Park, which boasts some of DC’s highest elevations. Named for the university and desired for its primary and secondary school pyramids. American University Park is blanketed with single family homes in a wide variety of adorable architectural styles.
What’s Going Up in the District?
Washington DC is bursting with new construction, a boon for frustrated condo buyers who are encountering tight inventory in the resale market. The WestLight released their first luxury condo offering in November, Elysium Logan is beginning pre-sales on their luxury condo project off 14th on Rhode Island Avenue, 2501 M construction is progressing in West End, and The Adele will begin pre-sales in early 2017. There are many new DC real estate development projects, from boutique to large-scale, in various stages of development throughout the District. See what’s going up in your neighborhood!
BUY SMART. SELL SMART. HIRE SMART AGENTS.