This is the latest Georgetown DC real estate market report for the third quarter of 2017. There was a significant boost in activity in the Georgetown condo market in the third quarter of 2017. A total of 25 condo units were sold compared to 13 units sold in the third quarter last year. The average sales price increased to $714,056 from $594,338 compared to this time last year while the average days on market remained nearly the same with most properties being on the market around 52 days.
Prices softened a bit for single family homes in Georgetown but more units were traded with fewer days on market. 41 Georgetown homes were sold during the third quarter compared to 36 homes in the same quarter last year and things sold more quickly with days on market declining from 52 to 36 days. The average sales price fell by 1.6% or $211,000 to $1.768 million from $1.979 million in the same quarter last year.
The strongest segment of the Georgetown DC real estate market appears to be the 4 bedroom row house priced between $1M and $2.5M. Of the 155 total properties sold, 30 of the transactions were in this category. The three bedroom row house is the second strongest segment with 23 transactions priced between $1M and $2.5 Million. The third most active category with 13 transactions is comprised of condos priced between $600K to $800K. The average sales price among all properties year over year is up approximately 17% or $139,000 to $1.655 million this year compared to $1.416 million last year.
If you are a seller and have a 3 or 4 bedroom row home in the $1M to $2.5 Million price range the market is active and there is an opportunity to achieve a great sales price. If you are a buyer looking in the $1M to $2.5 Million range there may be other buyers looking at the same property you are; be ready to make a serious offer in a timely fashion.
For additional market statistics check out the Sotheby’s Market Report.