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Home Price Watch: The Neighborhood Where You Will Pay Above Asking

by Tianna Mañón

Home Price Watch: The Neighborhood Where You Will Pay Above Asking: Figure 1
A home on Oakwood Terrace in Mount Pleasant

In Home Price Watch this week, UrbanTurf heads to Mount Pleasant, a neighborhood where homebuyers are still paying above asking, even if sales aren’t as brisk as last year.

It is easy to think of Mount Pleasant as a neighborhood solely filled with million-dollar rowhouses, but in fact the majority of the homes sold in the area this year were condos and co-ops. As such, the median sales price for homes in Mount Pleasant this year is $595,450, a lower number than some might expect. In contrast, the average price for four-bedroom homes rose to $1.086 million, a 4.3 percent increase over 2014.

Sales volume in the neighborhood has dropped off notably compared to 2014. Last year at this time, 132 homes had sold; this year, 100 units have closed, a 26 percent decline. Despite the drop in sales, Mount Pleasant remains a very popular area for homebuyers, if the sales-to-original list price ratio is any indication.

Home Price Watch: The Neighborhood Where You Will Pay Above Asking: Figure 2
Click to enlarge.

When the sales-to-original list price ratio for a neighborhood sits north of 100 percent, it means that, more often than not, listed homes garnered multiple offers and sold for above the asking price. In Mount Pleasant, the ratio for 2015 has been 101.6 percent, one of the highest in the city.

A couple other highlights for the Mount Pleasant market:

  • 79 of the 100 units listed sold in under 30 days; 59 sold in less than 10 days.
  • The average days on market for the neighborhood is 25, a rather high number that is pushed up by the few homes that have been sitting on the market for months.

UrbanTurf used data on the advertised Mount Pleasant subdivision from real estate data firm RealEstate Business Intelligence for this article.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_neighborhood_where_you_will_pay_above_asking/10332

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