Home Price Watch: Cleveland Park, Where Sales Volume Rose 17%

• June 9, 2014

by Lark Turner

An under-contract home in Cleveland Park.

In this week’s Home Price Watch, UrbanTurf’s taking a look at the market in Cleveland Park using segmented data from real estate data firm RealEstate Business Intelligence (RBI). This data reflects a year-over-year snapshot between the first quarter of 2013 and 2014.

The neighborhood is roughly defined by Tilden Street to the north, a section of Rock Creek Park to the east, Wisconsin Avenue to the west, and Woodley Road to the south, but it’s worth noting that RBI uses data from listings to calculate the borders of neighborhoods.

The biggest takeaway from the data is that Cleveland Park had some big-ticket sales in the first quarter that pushed it well over last year’s total sales dollar volume — a 17 percent year-over-year change, or more than $5 million.

Click to enlarge.

Some other takeaways from the data:

• Average sales price jumped a whopping 36 percent, from $594,863 to $806,266. That again indicates a few very high-priced listings skewing the sample.
• In reality, though, the market only inched upward. The median sales price, a more reliable figure, shifted just 3 percent, from $417,000 to $429,500.
• Homes are spending much less time on the market. On average, listings sat on the market for 48 days in the first quarter of 2013. This year, that number dropped to 27, a decrease of 44 percent.
• The average list price rose 31 percent in the neighborhood, from $621,713 to $818,907. Again, this figure was likely inflated by a few big-ticket listings.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_cleveland_park_sales_volume_rose/8589