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Home Price Watch: Higher Sales, Flatter Prices in LeDroit Park

by Nena Perry-Brown

Home Price Watch: Higher Sales, Flatter Prices in LeDroit Park: Figure 1
Homes in LeDroit Park.

For this week’s edition of Home Price Watch, UrbanTurf takes a look at LeDroit Park, the small DC neighborhood adjacent to Shaw where home sales rose this year, but prices haven’t kept up with the increased activity.

Thus far in 2016, the neighborhood’s median sales price has only ticked up marginally, from $690,000 to $700,000.

Despite the meager increase in price, overall sales volume has risen by nearly 13 percent, with 80 dwellings purchased this year compared to 71 last year. There aren’t many detached homes for sale in LeDroit Park, which is why it was surprising that seven have sold so far in 2016 compared to zero last year. Of the eighty homes sold this year, just over 50 percent found buyers within the first ten days on the market.

Home Price Watch: Higher Sales, Flatter Prices in LeDroit Park: Figure 2
LeDroit Park housing data. Click to enlarge.

While prices plateaued a bit this year, the high volume of sales may have led to dwellings getting listed at more ambitious prices. Last year, the average asking price was $668,551 and homes sold at an average of 103 percent of their listing price. During the same period this year, the average listing price rose by 14 percent to $762,815, but homes are selling at an average of 99.5 percent of the list price.

Supply has vascillated over the past year, but this past September had the second-highest level of inventory in the past 12 months, at 1.56 months’ worth compared to three weeks last September.

Housing data for the legal subdivision of LeDroit Park for this article was provided by RealEstate Business Intelligence. LeDroit lies north of Florida Avenue NW between Georgia and Rhode Island Avenues, and bound by W Street to the north and 2nd Street to the east.

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This article originally published at https://dc.urbanturf.com/articles/blog/hpw_turnover_up_prices_flat_ledroit_pk/11866

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