A home in Spring Valley.
For this week’s Home Price Watch, UrbanTurf heads over to Spring Valley, a Northwest neighborhood known for having some of the largest and highest priced homes in the city.
Spring Valley has seen a 45 percent drop in total dollar sales volume in 2015, and the median sales price has also declined, dropping about 15 percent to $1.4 million. Both of these moves can be attributed to the fact that a lower percentage of large homes have sold this year. For example, 40 four-bedroom homes sold in 2014; in 2015, that number has dropped to 20. As such, the average list price this year is about $300,000 lower than 2014 ($1.6 million compared to $1.9 million). The median sales price in 2015 is hovering around $1.4 million.
Homes are selling 13 percent faster in 2015, dropping from a median days on market of 60 days in 2014 to 52 days this year. Just over 40 percent of the homes sold this year did so within the first 10 days of being listed.
A few other notable highlights from the neighborhood data:
- Spring Valley remains the land of single-family homes, as not one condo or co-op has sold so far this year.
- The average price for three-bedroom homes in the neighborhood is about $1.1 million, but when you go up to four bedrooms, that number jumps to $1.75 million.
UrbanTurf used data on the legal Spring Valley subdivision from real estate data firm RealEstate Business Intelligence for this article.
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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_a_look_at_spring_valley/10416
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