Home Price Watch: Capitol Hill, Where Sales are Up 14 Percent

• April 15, 2015

by Lark Turner

A home that recently sold for well above asking in Capitol Hill.

The housing market data from the first quarter of 2015 is in, and with it comes the return of Home Price Watch, UrbanTurf’s analysis of the real estate markets in DC neighborhoods. We use segmented data from RealEstate Business Intelligence (RBI) to examine sales and prices from neighborhoods across the city. This week we return to Capitol Hill, the site of our first Home Price Watch last year.

So far, Capitol Hill’s market in 2015 is in line with RBI’s reports on the DC market as a whole. Home prices aren’t moving too much, but the number of sales is certainly up.

Between January and March of this year, sales in Capitol Hill increased 14.47 percent over the same period last year. That, along with some increases in median sales prices, drove the total sales volume for the neighborhood up 23 percent, from $53,160,475 last year to $65,522,340 this year. Median prices rose just 1.82 percent over the period, barely a budge, moving from $672,500 to $684,730.

Here’s a look at the rest of the data:

Click to enlarge.

Some takeaways:

• Homes are spending fewer days on the market this year than last. The average days on market moved down to 35 days from 46 last year, a decrease of 24 percent.
• In keeping with what we’ve come to expect from Capitol Hill’s market, most homes are selling fast. The majority were off the market within 10 days of being listed.
• Sellers are eking out a little bit more of their asking prices for their homes this year. The average sold price to original list price ratio increased 1.93 percent, from 97.1 percent to 98.9 percent.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_capitol_hill_where_sales_are_up_14_percent/9764