A Trinidad home that sold in May.
In this week’s Home Price Watch, we take a look at Trinidad, where sales and prices are up.
This northeast neighborhood sold 13 more units through May this year over last year and saw its median sales price increase 6.9 percent over the same time period, jumping from $393,000 to $420,000.
Between January and May this year, 75 homes sold in Trinidad, up from last year’s 62. That led to a big increase in sold dollar volume for the neighborhood, from about $24 million last year to $32 million this year.
Surprisingly, the median sales price increased even though many more condos and co-ops sold this year than last; 23 condos and co-ops have sold in Trinidad so far this year, up from just 5 last year, and those units are selling for an average of about $300,000, up significantly from last year’s average of about $200,000. Homes also spent much less time on the market this year than last year. The average number of days a home spent on the market dropped from 35 days last year to 24 days this year, a decrease of 31 percent.
Here are some other takeaways from the data:
- List prices are up, meaning homeowners are likely aware of the value increase in the neighborhood. But as a result sellers are getting a tiny bit less on their asking price this year. The average sold price to original list price ratio was 98.8 percent this year, down very slightly from last year’s 99.2 percent.
- 10 of the homes sold went to cash buyers, meaning there’s likely still investment activity in the neighborhood. But a smaller proportion of sales were from investors this year than last.
- The neighborhood is attractive to families, too. In addition to condos, sales of homes with four or more bedrooms were up in Trinidad. 22 have sold so far this year, compared to 15 sold in the same time period last year. The average price? $565,000 this year, up from $503,000 in 2014.
UrbanTurf used data on the legal Trinidad 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_trinidad_where_prices_jumped_7_percent/10028
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