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Capitol Hill Real Estate — Straight Into Summer

by HillNow.com Sponsor — June 3, 2015 at 2:45 pm 0

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This regularly scheduled, sponsored Q&A column is written by Tom Faison of ReMax Allegiance at Eastern Market. Please submit your questions via email.

May didn’t feel like a slow real estate month on Capitol Hill but, compared to April, sales were downright sluggish.

Houses on Capitol Hill Extended

  • Just under half of the 81 homes listed this past month have gone under contract. Many of the houses that remain unsold have only been listed for a week, but many more are beyond the 20-day mark.
  • In sharp contrast, only 22 of the 100 Capitol Hill homes listed in April remain unsold. Of the 78 houses that sold, only 3 homes took more than 30 days. The vast majority of the rest of the houses sold within 10 days.

Condos on Capitol Hill Extended

  • Only 17 of the 50 condos listed in May went under contract that month.
    This was a big change from April when all but 11 of 31 condos listed went under contract. Of the 20 condos that sold in April, only 2 of them took more than 30 days.
  • These numbers are in line with the real estate climate I predicted six months ago, as sellers continue to push for list prices in line with the most recent dramatic escalation on their block, and buyers push back.

Caveat? Low inventory triggers the rule of supply and demand.

Immunity? Pretty, well-located homes with four bedrooms, a master bath, a basement and parking. Unless they are priced properly, listings without those components will languish and their prices will be reduced.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of HillNow.com.

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