It’s already mid-October, and time for more review on how the not-so-bad market in DC developed. We’re still looking at the 3rd Quarter, and to describe trends, we are comparing the quarter stats with those of the previous year.
Earlier this month, we examined the 3rd Quarter market statistics for the upper DC neighborhood of Colonial Village. Today, we will take a look at Shepherd Park.
The two neighborhoods, divided only by 16th St, are often seen as a unit, as they share many characteristics as well as a very active citizen’s association. Since their real estate profile and 20th century history are somewhat different, however, it makes sense to separate them for the purpose of market analysis.
To begin with, the homes and lots are–on average–a little smaller on the Shepherd Park side. Although the neighborhood has calm, wide, green streets, its character is strongly influenced by the proximity to vibrant and big city-like downtown Silver Spring, Maryland. (The Colonial Village side, on the other hand is determined by its serene location as an oasis nestled against Rock Creek Park.)
Average list prices in Shepherd Park have been about 100k lower than those in Colonial Village. It’s not unlikely that this might explain the different trend in sales activity that we saw this summer. Transaction rates did not decrease here, but instead they went up (see the graph on the upper right), and the number of home sellers that were courageous enough to put their homes on the market remained stable.
Another interesting fact is the observation that they have also become a little more flexible than their Colonial Village counterparts when it comes to price negotiations. 3rd quarter buyers in Shepherd Park paid an average of 87.9% of the original list price for their new homes (as opposed to the 91% that Colonial Village buyers had to lay out). The reward for the sellers? The time their homes spent on the market (85 days, or DOM, on average in 2010, 83 last year) did not increase here, while it alsmost doubled on the other side of 16th St.
Currently, there are 7 homes on the market in Shepherd Park, with asking prices between $299,000 (for a smaller, semi-detached foreclosure property) and $1,350,000 (for a contemporary on 16th St that’s still under construction), at an average of $657,000. Three homes are under contract.
There are 8 homes for sale in Colonial Village, priced between $695,000 and $4,000,000. (It needs to be noted that the average current list price of $1,250,538 is skewed by the 4 million-dollar home, a large Tudor on a stately 1-acre lot.) Three homes are under contract here, as well.
You can find all Shepherd Park and Colonial Village homes that are currently for sale here. As always, I’ll be happy to answer any questions or comments you might have.
© 2010, Catarina Bannier; This post was first published on the ActiveRain network.