A home in LeDroit Park that sold earlier this year.
For Home Price Watch this week, UrbanTurf turns our attention to LeDroit Park, where the high volume of sales thus far this year indicate why the neighborhood has one of the lowest housing supplies in the District.
In the past two years, there has been less than a two-month supply of homes for sale in LeDroit Park, dropping as low as 0.22 months’ worth in December 2016 but rising to 1.22 months’ worth just last month. The uptick in inventory by no means indicates a slowdown in the churn of home purchases in the neighborhood: the number of units sold thus far in 2017 is nearly 21.5 percent higher than during the first four months of 2016.
Months of supply March 2015-April 2017
Eighteen of the 34 homes sold in 2017 did so within ten days of being listed, however overall, homes are spending much more time on the market on average so far this year compared with last.
As for prices in LeDroit Park, they have essentially remained flat, rising just 1.5 percent to $815,000 so far in 2017. The only price sector where there has been notable movement is with three- and four-bedroom rowhouses — the average sales price for three-bedroom rowhouses dropped nearly 19 percent year-over-year, as prices for rowhouses with four or more bedrooms rose 6 percent.
Housing data for the legal subdivision of Ledroit Park was provided by RealEstate Business Intelligence. Ledroit Park is bounded on the north by W Street, to the west by 2nd Street, and along the south by Florida and Rhode Island Avenues NW.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_sales_volume_rises_in_ledroit_park_as_prices_remain_flat/12623
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