Home Price Watch: Homes Selling A Lot Faster in Palisades in 2014

• June 18, 2014

by Lark Turner

The view from a Palisades home that sold this spring.

In this week’s Home Price Watch, UrbanTurf’s taking a look at the market in the quiet neighborhood of Palisades west of Georgetown, using segmented data from real estate data firm RealEstate Business Intelligence (RBI). This data reflects a year-over-year snapshot in the advertised Palisades subdivision between January-May 2013 and January-May 2014.

The most striking difference between this year and last is that homes are selling much faster in 2014. The average number of days a property stayed on the market in 2013 was 81 days; so far this year, that metric is down to 52, a decrease of 36 percent.

Click to enlarge.

Otherwise, the neighborhood market in 2014 looks very similar to the market in 2013:

• Median sales prices inched up 2.68 percent, from $834,500 to $856,836. $900,000 is about what the neighborhood’s bungalows fetch these days, so this dollar figure gives a good sense of what you will pay for a home.
• Sales volume shot up 29 percent, from $13,095,850 to $16,887,023, and the number of homes sold also increased 25 percent, from 16 to 20.
• Sellers are getting closer to asking price this year. The average sold price to original listing price was 99 percent this year, up from 95.5 percent last year. List prices rose a modest 1.65 percent.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_palisades_homes_selling_faster/8629