Home Price Watch: Prices Rise 22 Percent in Logan Circle

by Lark Turner

A penthouse at 1401 Q Street NW.

In this week’s edition of Home Price Watch, we hit the ground in Logan Circle, where prices have risen 22 percent over the last year, and sales have fallen off a bit from an incredibly hot 2013.

UrbanTurf looked at the neighborhood using segmented data from RealEstate Business Intelligence (RBI). The data offer a snapshot of the year-over-year market in the advertised subdivision of Logan Circle, comparing January-September 2013 to the same period in 2014.

We should note that the advertised subdivision of Logan Circle includes only properties that were listed as being in Logan Circle, so homes listed in Logan, for example (without the Circle) were not included. For most of the neighborhoods that we cover in Home Price Watch, we use legal subdivision statistics to get around issues like this. Unfortunately, there is no legal subdivision for Logan Circle, but nevertheless the provided data seems on point for the neighborhood.

The bottom line for Logan Circle is that if you purchased a home last year, it is likely worth a good deal more today. Despite a slackening number of sales, which dropped from 117 last year to 80 in 2014, the median price of those homes sold rose 21.7 percent, from $550,000 to $669,500.

Forty-four of the homes sold, the vast majority of which were condos and co-ops, within ten days of hitting the market, and and average sold-to-list-price ratio of 101 percent indicates that listings were fetching above their asking price.

Click to enlarge.

Here are some other takeaways:

  • List prices responded to the increasing median sales prices in the neighborhood, increasing an average of 16.4 percent, from $607,573 to $707,147.
  • Most of the sales were conventionally financed, but 19 were all-cash, which could be an indicator of stiff competition for certain homes in the market or the presence of investors.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_logan_circle_where_prices_rose_22_percent/9178

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