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Home Price Watch: The Very Fast Moving Market of Logan Circle

by Tianna Mañón

Home Price Watch: The Very Fast Moving Market of Logan Circle: Figure 1
A home on the market in Logan Circle.

The housing market in Logan Circle continues to move along at a quick clip.

63 percent of the 59 homes sold in the neighborhood off 14th Street NW this year did so in the first ten days they were on the market. Four of those homes were under contract in less than 24 hours. Interestingly, homes are selling slower, on average, in 2015 compared to 2014. The average number of days a home spent on the market in the first half of 2014 was 23. This year, it’s 26.

Overall, the market in Logan this year looks a lot like it did in 2014. For instance, the sold dollar volume only increased 3 percent, from $42.6 million to $43.9 million. Even the number of homes sold stayed constant, with 57 selling in 2014 through June and now 59 for 2015 thus far. The average sales price for condos, the most common housing type in Logan Circle, fell just one percent to $640,071.

Home Price Watch: The Very Fast Moving Market of Logan Circle: Figure 2
Click to enlarge.

Additionally, like last year, the average sales price to original listing price ratio is above 100 percent, an indication that sellers are getting more than the asking price in the neighborhood.

A few other takeaways from the data:

  • The overall median sales price for homes in the neighborhood fell about 7 percent this year, from $673,300 to $625,000.
  • Forty seven of the 59 units sold were conventionally financed, and there were no sales on detached homes.

UrbanTurf used data on the advertised Logan Circle 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_the_very_fast_moving_market_of_logan_circle/10171

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