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.
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