You're not looking at a market, you're looking at a number of markets.
Washington, DC (PRWEB) November 07, 2011
Homes.org, a fast growing real estate search portal, is now bringing buyers and sellers advice on the Washington, DC real estate market from the local agents who live, work and play in the city. If only one word could be used to describe the real estate market in the Washington, DC area it would be diversity.
The real estate market in the Washington, DC area is unique in the fact that it's not a single market. "You're not looking at a market," says John Sullivan, Vice-President of Buyer's Edge Co., Inc., "you're looking at a number of markets. It gives consumers a wide variety of choices. It's an amazing place to live and experience the various cultures."
Bloomberg Businessweek recently included 9 cities in the Washington, DC metro area on their list of the top 25 Best Performing Housing Markets in the country. Many other sources have also listed the Washington, DC area as one of the best places to buy. "The marketplace is still very active with properties that are priced properly," adds Mr. Sullivan.
“In Bethesda zip code 20814, the downtown area, there are 39 listings of detached houses. Zero short sales. Prices range from $450K to $3.25 million and on the market from 0-220 for most homes. Go across the Potomac River to the south side of the beltway to Alexandria and you find 101 listings with 4 short sales and prices ranging from $315K to $2.65 Million. This too is a very popular area similar in many respects to Bethesda in proximity to the District with a concentration of high earners. Unlike Bethesda, it has a more diverse population in income levels which is where the short sales are found.”
Overall the Washington, DC area home values that have been improving this year in many areas and the foreclosure rate remains extremely low in some cities like Bethesda, Maryland and Alexandria, Virginia. But as Mr. Sullivan explains, "what's definitely visible is the factors of foreclosures within income levels," which can vary greatly in the area and has a huge impact on the rate of foreclosures.
“Change counties to Prince George’s and the picture changes in a number of ways. First, 40% of all home sales in the county in the second-quarter of 2011 were foreclosures and they accounted for 35% of foreclosures in the state. In Fort Washington current listings were 202 with over half short sales. Prices ranged from $65K to $1.5 Million. Time on the market of current listing is from 0-1042 days. Here the factor of short sales and foreclosures play a dominant role in the market. The impact on home prices on non-short sales and foreclosures is devastating to many homeowners and has a very strong negative impact on some neighborhoods."
After gaining more than 16 years of experience, Mr. Sullivan has drawn this conclusion, “higher income brackets, with better education, have been better able to weather the housing crisis because they are less likely to be misled into inappropriate financing and better able to understand the often confusing or vague disclosure statements on representation from real estate industry if it is presented to them.” He points out that National Association of Realtors® studies have shown that consumers haven’t or don’t recall receiving an agency disclosure statement over 35% of the time, a statistic that hasn’t changed since 1983.
Washington, DC Real Estate Market - Latest Information and Statistics
County: Federal District of Columbia
Zip Codes in the City: 20001-20098, 20201-20599
Population (city): 601,723
Population (metro area): 5.58 million
Total Households: 285,135
Median Home Value (2005-2009): $455,000
Median Sales Price (single family homes): $449,000
Average Sales Price (single family homes): $596,718
Single Family Home Sales in September: 303
Median Sales Price (condo & coops): $362,000
Average Sales Price (condo & coops): $410,369
Condo & Coop Sales in September: 207
Foreclosures: 1 in 10,967
Renters vs. Owners: 54.9% vs. 45.1%
Type of Home:
13.1% Single Family
Popular Neighborhoods Showing Improvement:
- Adams Morgan
- American University Park
- Barnaby Woods
- Benning Ridge
- Brightwood Park
- Capitol Hill
- Catholic University
- Columbia Heights
- Forest Hills
- Fort Davis
- Friendship Heights
- Glover Park
- Judiciary Square
- Ledroit Park
- Logan Circle
- Mount Pleasant
- Mount Vernon Square
- Near Northeast
- Park View
- Penn Quarter
- Randle Highlands
- Riggs Park
- River Terrace
- Sixteenth Street Heights
- Southwest Waterfront
- Spring Valley
- The Palisades
- U Street Corridor
- Wesley Heights
- West End
- Woodley Park
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.
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