Home Price Watch: Sales Increase in Brightwood As Homes Stay on Market Longer

• June 23, 2014

by Lark Turner

In this week’s Home Price Watch, UrbanTurf is taking a look at the market in the sleepy neighborhood of Brightwood in northern DC using segmented data from real estate data firm RealEstate Business Intelligence (RBI). This data reflects a year-over-year snapshot in the advertised Brightwood subdivision between January-May 2013 and January-May 2014.

The big takeaway from the data so far in 2014 is that more homes are selling this year, but they are sitting on the market for a lot longer, on average, than last year.

Click to enlarge.

Seventy-five homes have sold so far in 2014, a 17 percent increase over the same period in 2013. The increase in individual sales is also bringing up the total sales volume in the neighborhood, which increased by 20.4 percent. Here are some other takeaways from the data:

• Though more homes in Brightwood have hopped on the market, they’re taking longer to sell. Average days on market rose by about 50 percent, moving from 55 days last year to 82 days in 2014.
• Buyers know what they can get for their houses, and their pricing isn’t too aggressive. List prices increased to $420,130 from $412,532, or about 1.8 percent, and the median sold price rose 1.7 percent, from $392,500 to $399,000.
• In line with those figures, the average sold price to original list price ratio moved up 2.73 percent to 99.5 percent.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_brightwood/8646