Today, UrbanTurf is launching a new version of our neighborhood real estate profiles where we take a more in-depth look at what is happening in real estate markets around the DC region.
While the pandemic caused a bit of a hiccup with the Georgetown market last March through June, it appears to be back in full force in 2021.
Competition is steep, especially for listings under $1.5 million, and anyone looking in that price range should expect to have company when bidding on a home.
“Limited inventory coupled with low interest rates pushed prices higher and days on market lower,” Michael Brennan, an agent with Compass, told UrbanTurf. “We’re seeing multiple offer situations on a regular basis. That was not the case pre-pandemic.”
And the competition extends, it seems, to the higher price brackets.
“A house by Montrose Park was listed for $2,995,000 and needed a ton of work with a tiny patio and parking space," Nancy Taylor Bubes of Washington Fine Properties said. "I had a buyer make an offer $700,000 over asking, all cash. I didn’t even get a call back."
With more multiple offer situations than ever, the highest price isn't the only way to win a bidding war -- contingencies are also being waived across the board.
“Before COVID, Georgetown was a competitive market, where you might see a winning offer go above the list price and short contingencies,” Melanie Hayes of TTR Sotheby’s International Realty said. “Now, the winner is the highest offer with no contingencies. The market is commanding non-contingent offers.”
Agents tell UrbanTurf that many of the buyers in Georgetown over the last year are from out of town, moving from California or New York. Yards and pools were a motivating factor (“You’d be surprised how many splash pools are tucked away in Georgetown yards,” Taylor Bubes said).
Rowhomes, Georgetown's predominant housing type, have led the way on the sales front since last October, but condos are nipping at their heels.
“In my opinion, condos in certain pockets of Georgetown had softened a bit, but [the activity] isn't slow,” Hayes said. “With a condo, you’re able to get a garage parking space and front desk security, but have to pay a condo fee. People who are living in the city for the long term are taking advantage of the rates and the market, and if it’s a working professional or young couple, a condo is still attractive.”
Below are a few stats that we found the most interesting about the Georgetown market:
- $1.829 million -- The average sales price in Georgetown this year, up 18% year-over-year.
- 21-- The number of homes closed in February in 2021, compared to just 12 in the months of February in 2018, 2019 and 2020. Two homes closed in February for over $5 million
- 13 -- The number of all-cash sales in Georgetown this year, accounting for 42% of all sales.
- $17,750,000 -- One of the highest recent sales in the neighborhood.
- $801-- The median price per square foot in February.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/georgetown-the-competition-is-back/18123.
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