Location Location Location
I grew up in the area and will never forget the time in 1988 when I was out with a group of girlfriends and made a wrong turn. We were at the corner of 14th and P when we realized we were officially lost. Waiting for the light to turn, a lovely prostitute kicked my mother’s Volvo with her spike heels. It was really fun explaining the dent to my parents … how times have changed!
Once Jim Abdo started restoring older buildings and turning them into well-appointed, condominiums in 1996 and Whole Foods came to P Street in 2000, everything changed. It is by all accounts, the hottest neighborhood in our wonderful city.
The Neighborhood has been written about everywhere!
· In a recent New York Times article, “in the next 24 months, virtually every block in a one-mile stretch of 14th is slated to gain a new or renovated building containing residential units and ground-floor retail space. When the dust clears, the strip will have more than 1,200 additional housing units and more than 85,000 square feet of additional retail space.”
· The popular web site, Urban Turf, recently conducted a survey of what neighborhood is the tastiest. Logan Circle/14th Street took a clear plurality with 41.15 percent of the votes cast.
· Bisnow noted in their article, “14 Restaurants Coming to 14th Street” that theonly way for14th Street to get any hotter is if Ryan Gosling himself moved there (author’s note, they may have to change that to Channing Tatum after Magic Mike).
The Housing Market in Logan/14th Street Corridor - Mid-year Analysis
The supply of inventory in Logan is very limited therefore you will find most homes going in multiples when they are in a desirable location, move-in condition and have a comfortable floor plan and parking.
Fee Simple House Analysis
· The average price for houses is $1,142,850 and this is a 15% increase over the same six month period in 2011.
· There were 20 homes that sold which is the same number as last year.
· The most expensive house sold in 2012 was $1,685,000 and it was $1,505,000 in 2011.
· The total volume of sales was $22,857,000 which is a 15% increase over last year.
· The average days on market this year has been 38 days whereas it was 85 days last year.
· There are currently only five active houses on the market with an average sales price of $1,179,000.
· There were 119 condos that have sold this year which is a 40% increase over last year.
· The average price for condos is$507,867 which is about the same as 2011.
· The total volume of condos sold has been $60,436,220 which is a 40% increase and the average days on market is
· There are currently 35 condos on the market and the average price is $621,331.
The 2012 Georgetown real estate market continues to be as hot as the temperatures outside. All benchmarks are up! The numbers show that there is a high level of confidence in our local real estate market and that buyers are taking advantage of the historically low interest rates.
· There were 76 single family houses sold in the first half of 2012. This is a 13% increase over the same period in 2011 when 67 houses were sold.
· The average house price in Georgetown is now $1,653,349 which is an 11% increase.
· The total sum of homes sold in Georgetown was $125,654,500 which was a 26% increase over 2011. To give some perspective into the level of activity in Georgetown, it is interesting to look at other neighborhoods in the city. The total sum for Kalorama was $23,982,600, Capitol Hill $126,729,700 and Dupont/Logan $49,450,500.
· The most expensive home sold during this period was $11,000,000 and in 2011, it was $6,750,000.
· The above data does not include condos or coops. When we look at the condo sales in Georgetown, there were 28 condos that sold the first half of this year and the same number in 2011. The average price is $804,821 which is a three percent increase; the total sum was $22,535,000 which is also a three percent increase.
· The inventory of homes in Georgetown is quite low right now with only 50 active listings. The average price of the houses is $3,293,258 with the most expensive house listed at $18,000,000 and the least expensive $729,900. What does this mean to you? If you are a seller in Georgetown, it is an advantageous market for you and if you are a buyer, the home search is highly competitive.
The above analysis is a comparison of January 1, 2012 – June 30, 2012 as compared to January 1, 2011 – June 30, 2011. Data was collected from the local MLS, Metropolitan Regional Information Systems, Inc.
THE TOP TEN HOME SALES in Georgetown for the first half of the year can be found here. Be sure to click the little movie reel icons for the virtual tours of these beautiful homes.