Low Inventory Means Fewer Sales but Higher Homes Prices in Bloomingdale
A condo in Bloomingdale.
This week’s installment of Home Price Watch focuses on Bloomingdale, a Northwest neighborhood known for its bidding wars.
Compared to early 2016 when the neighborhood housing market had a much more subdued start, median home prices in Bloomingdale have risen by 13.5 percent to just over $800,000 thus far this year. Similarly, the average price for one of the neighborhood’s most popular home types — rowhouses with four or more bedrooms — jumped 13 percent to over $1 million.
story continues below
loading...story continues above
As prices have risen, sales have gone in the other direction. Nearly 40 percent fewer homes have sold in 2017 compared to the same time last year.
Median sales to original list price ratio
This increase in prices and lack of sales likely comes as the result of low supply in the neighborhood this year. While the inventory rose to about two months in June, much of the rest of the year was plagued by a housing supply of only a few weeks. The low inventory has not only deterred buyers, but has lead to more competition for the few homes on the market — the average sales to original list price ratio for all of 2017 is 101 percent.
Housing data for the advertised subdivision of Bloomingdale was provided by RealEstate Business Intelligence. Bloomingdale is between North Capitol Street and 2nd Street NW, Florida Avenue and the McMillan Reservoir.
See other articles related to: bloomingdale, bloomingdale home prices, home price watch
This article originally published at https://dc.urbanturf.com/articles/blog/low_inventory_means_fewer_sales_but_higher_homes_prices_in_bloomingdale/12891.
Most Popular... This Week • Last 30 Days • Ever
This week's Best New Listings includes a four-bedroom home in Hyattsville, a chic Dup... read »
When Dan and Tanya Snyder couldn't sell their 30,000 square foot home , the former ow... read »
Cash-out refinancing is a popular financial strategy that allows homeowners to conver... read »
This weekend, the Gallery-Place Chinatown Task Force pitched its ideas to Mayor Murie... read »
DC continues to get close to meeting Mayor Muriel Bowser's goal of producing 36,000 n... read »
- Best New Listings: 140 Years in Hyattsville, 100 Years in Bethesda
- Dan Snyder Gave His Potomac Home Away, And Now It's Coming Back On The Market
- How Does Cash-Out Refinancing Work?
- A Gallery Walk, A Night Market: 8 Big Ideas Pitched For DC's Chinatown
- 34,000 And Counting: DC Is 96% of Way Towards Meeting 2025 Housing Production Goals
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro