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.
- Home Price Watch: Eckington, Where Median Prices Jumped 19 Percent
- Home Price Watch: The Very Active Housing Market in Columbia Heights
- Home Price Watch: Cash is King in Georgetown
- Home Price Watch: The Increasingly Competitive Market in Bloomingdale
- $1 Million is the New Normal in Chevy Chase DC
- Home Price Watch: A 38 Percent Rise in Takoma Park
- Home Price Watch: Petworth, Where Prices Are Up 23 Percent
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_trinidad_where_prices_jumped_7_percent/10028
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The project would replace a concrete plant and would deliver the neighborhood's first... read »
Loan recasting is a growing practice- so what is it?... read »
The 25-acre array will produce a quarter of the university's current annual energy co... read »
This year will likely go down as the year that prices for houses in DC reached new he... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro