Six DC Zip Codes Where You Are Paying Above Asking

• November 7, 2013
• 3 Comments

by Shilpi Paul

A Mount Pleasant home that sold for $150,000 above asking.

Lately, UrbanTurf has been wondering if the frenzied, competitive climate of the DC area housing market has been softening a bit. Consumers tell us that bidding wars have slowed, and as we’ve tracked properties for our Above Asking feature, we’ve noticed that fewer homes are selling for north of their list price versus a few months ago.

RealEstate Business Intelligence (RBI) recently provided us with the zip codes in the city where homes are selling for above their list price and, at least in those areas, it appears that the market is still rocking along.

For the six DC zip codes below, homes on the market have, on average, been selling at or above their original price, for all of 2013. The second-to-last column in the chart reveals the sale price to original list price ratio; anything over 100 percent means that sales prices were trending higher than asking prices.

Note: Only a sampling of neighborhoods are included for each zip code.

The neighborhoods encompassed in the above zip codes include many of the usual suspects, like Capitol Hill, Logan Circle, H Street, Adams Morgan, Shaw and the increasingly popular Brookland. At the top of the list, however, was 20010, which spans an area from Mount Pleasant through Columbia Heights to Petworth. As we reported in July, Mount Pleasant rowhouses developed a reputation this year for frequently selling for six figures above their original asking prices.

The chart above reveals a few other interesting tidbits:

• All six zips showed year-over-year price increases, but in 20010 and 20002, prices rose dramatically — 17.6 percent and 17.1 percent, respectively.
• In the zip codes that include Capitol Hill, Brookland and Dupont Circle, the number of homes sold in 2013 increased at lease 20 percent versus last year. In 20017, the increase was closer to 30 percent.
• The highest median days on market statistic was a mere ten days, but in most cases, homes in the listed zip codes were moving in just over a week.

This article originally published at http://dc.urbanturf.com/articles/blog/six_dc_zip_codes_where_homes_are_selling_above_asking/7795

3 Comments

1. Anonypants said at 10:25 pm on Thursday November 7, 2013:
   Very interesting that Brookland is listed both as a place where homes are selling over asking AND where they are selling slowest. That seems rather counter-intuitive and goes to previous posts on this blog that there are a few properties on the market + the EYA homes driving up the days-on-market number. It will be really interesting to watch 20017 in the next few years.

1. C said at 4:33 pm on Friday November 8, 2013:
   Anonypants, I have a theory about why this may be happening in the Brookland neighborhood. I am not in the industry nor an expert, but a casual observer who keeps an eye out on the market. I am going to guess that Brookland is not necessarily people's first choice when looking for a home (not because it's bad or good, probably because it's not on people's radar the same way Columbia Heights, H Street, Cap Hill, Logan Circle, U Street are) and so they are people who are looking at some of these other neighborhoods first. They are either being bidded out or priced out and then begin to expand their search to other possible neighborhoods. That said, they discover/learn/consider a neighborhood such as Brookland, which might have some similar qualities in a home and at reasonable (debatable, maybe) price points. Now, the demand that might have focused on Mount Pleasant, these buyers are looking at other neighborhoods and Brookland has some of that appeal and thus now prices are higher than listing prices. It also might explain why it's taking longer for these homes to sell.

1. Butler engle said at 2:54 pm on Sunday November 17, 2013:
   How about a series "below asking"? Now that would be helpful to readers