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Home Price Watch: The Ups and Downs of Cleveland Park

by Tianna Mañón

Home Price Watch: The Ups and Downs of Cleveland Park: Figure 1
A home in Cleveland Park.

In this week’s Home Price Watch, we look at Cleveland Park, where the varied housing stock has played a role in the trajectory of the neighborhood housing market this year.

While sales volume has risen 34 percent over last year, both the median list price (-5.6 percent) and the average list price (-33 percent) for homes in the neighborhood dropped. Yet, the ratio of the average sold price to the original listing price decreased less than 1 percent year over year.

The reason for this incongruous data set can be tied to the sales of condos and co-ops in Cleveland Park in 2015. This year, 40 condos or co-ops have sold in the neighborhood compared to 25 last year. In contrast, roughly the same number of two, three and four-bedroom single-family homes. The increase in sales of the lower-priced condo/co-op property type coupled with the relatively flat sales for single-family homes has dragged prices down this year.

Home Price Watch: The Ups and Downs of Cleveland Park: Figure 2
Click to enlarge.

Here are a few more data takeaways for the neighborhood:

  • Just over half of the 55 homes on the market in 2015 sold in a month or less. Overall, however, homes are spending 17 days longer on the market in 2015 than in 2014.
  • Three-bedroom homes in the neighborhood seem to be the hot commodity this year, as prices have increased 20 percent over 2014.

UrbanTurf used data on the legal Cleveland Park subdivision from real estate data firm RealEstate Business Intelligence for this article.

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_cleveland_park_sells_more_bring_in_less_than_last_year/10010

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