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Home Price Watch: The Increasingly Competitive Market in Bloomingdale

by Lark Turner

Home Price Watch: The Increasingly Competitive Market in Bloomingdale: Figure 1
Rowhouses in Bloomingdale.

In this week’s Home Price Watch, we head to Bloomingdale, where list prices have risen significantly year-over-year and homes continue to sell above their asking price.

Using segmented data from the advertised subdivision of Bloomingdale provided by RealEstate Business Intelligence (RBI), we looked at the year-to-date housing market data in the neighborhood and compared it to last year to see how the market may have changed.

Bloomingdale is a small neighborhood by DC standards, so it doesn’t have the sales volume of say, Capitol Hill. For example, 19 homes have sold so far this year, down from 21 in the first four months of 2014, so a metric like median price data is not as useful as it is in other parts of DC.

For what it’s worth, median sold prices have jumped 54 percent, from $450,000 to $695,000, in a year’s time. The drastic change is thanks to a drop in condo and co-op sales, of which there have been nine in 2015, compared to 16 in the same period last year. Average sales prices have risen at a rate of about 25 percent. The average list price in the neighborhood rose 17 percent, to $617,163 from $527,729.

Home Price Watch: The Increasingly Competitive Market in Bloomingdale: Figure 2
Click to enlarge.

Despite the rise in list prices, data for the local market shows that you will be competing to buy a home in Bloomingdale this year. The average sold price to original list price ratio rose a whopping 7 percent in 2015, to 106.8 percent from 99.5 percent. And the ratio of average sold price to original list price moved up to 105.8 percent from 99.4 percent. To put those statistics in perspective, if the average sold price to original list price ratio sat at 100 percent it would indicate that homes are fetching at least their list price, on average.

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_bloomingdale_where_list_prices_rose_17_percent/9899

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