Last year, the housing market in Trinidad began to benefit from its proximity to Union Market and the H Street Corridor as homes on the market sold at a rapid pace. Today, UrbanTurf revisits the northeast DC neighborhood for Home Price Watch and finds that prices are catching up with demand.
For the first four months of 2018, the median home price in Trinidad shot up 33 percent, from $413,500 to $550,750. Following suit, the average list price for sold properties increased by 24 percent during that time.
The average price increases were especially pronounced for the neighborhood's most plentiful property types: rowhouses with three bedrooms (a 20 percent increase from $502,200 to $603,741) and condos (a 45 percent increase from $303,677 to $440,700).
Despite prices rising across the board, the average sales to list price ratio rose in 2018 versus 2017, showing that homebuyer demand hasn't really been dampened as a result of increasing prices. The contract ratio for the first quarter of the year came in at 1.8, meaning that there are nearly two listings under contract for every listing currently on the market.
Buyer demand is having a pronounced effect on the inventory of homes for sale. With a steady 1.14 months of supply during most of the first quarter of 2018, buyers have even less to choose from compared to last year when the supply of homes was 1.5 months over the same timeframe.
This article originally published at https://dc.urbanturf.com/articles/blog/home-price-watch-prices-catch-up-to-demand-in-trinidad/14010.
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