The 4th Quarter of each year is traditionally the “slowest” in any real estate market, at least in the DC area. It’s time to look back and evaluate some trends. Today, we are taking a closer look at the Washington, DC suburb of Rock Creek Forest, the most eastern neighborhood of Chevy Chase, Maryland.
To say it outright, the numbers I came up with really surprised me. And not in a bad way!
As usual, all numbers for this year–statistics for the first 3 quarters–will be compared to those for the same period in 2009.
A total 24 homes sold in the first 9 months of 2010 in Rock Creek Forest–that’s a 20% increase over 2009, when only 20 homes closed between January and September.
Even more surprising, however, is the increase in settled price. In 2009, the average home sold for $585,850; in 2010, this number had gone up to $696,520–an increase of almost 19%!
Subsequently, the volume of sales–which reflects both these figures–increased quite dramatically: from $12,181,400 in the first 9 months of 2009 to $16,933,609 in 2010 (+39%). As for the relationship between list- and sold price: In 2009 you had to pay an average of 96% of the asking price, but this year it was nearly 99%!
Come to think of it, all but one offer I wrote as a buyer agent on properties in Rock Creek Forest during the past year were competing with others. Looking at the stats right now, this seems less of a coincidence than it did at the time, didn’t it? One thing that didn’t change is the fact, that the “sold’ prices
In October, no homes closed, but 5 listings went under contract.
Currently, there are 4 mostly smaller houses on the market, ranging from $475,000 to $650,000. 7 homes are under contract.
© 2010, Catarina Bannier
This blog post was first published on the ActiveRain real estate network.