This is clearly not about Georgetown real estate in particular, but we are all connected in one way or another. So it's good to know what's happening elsewhere because it will eventually have an impact on us.
Darrell
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Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors. Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.
Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008.
Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.
In the fourth quarter, 67 out of 151 metropolitan statistical areas reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter, only 30 MSAs showed annual price increases and 123 areas were down.
The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less.
Markets by Region
Northeast: Regionally, existing-home sales in the Northeast rose 11.1 percent in the fourth quarter to a pace of 1.03 million and are 33.6 percent higher than a year ago. The median existing single-family home price in the Northeast declined 5.6 percent to $234,900 in the fourth quarter from the same quarter in 2008, but with widely varying conditions.
Midwest: In the Midwest, existing-home sales jumped 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent above a year ago. The median existing single-family home price in the Midwest rose 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.
South: In the South, existing-home sales rose 13.8 percent in the fourth quarter to an annual rate of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.
West: Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.
Source: NAR (National Association of Realtors)
2/12/2010
Neither rain, nor sleet, nor SNOW...kept these Realtors from their rounds.
Despite the storm, agents have been working in Georgetown real estate. 5 properties were brought under contract by intrepid agents (and buyers and sellers) who in some cases outdid the Post Office...
Those 5 properties range in price from $395,000 to $4,200,000.
Also, one property at 3314 O ST NW closed in the past week at a price of $4,950,000.
Congratulations to all the parties involved!!
Those 5 properties range in price from $395,000 to $4,200,000.
Also, one property at 3314 O ST NW closed in the past week at a price of $4,950,000.
Congratulations to all the parties involved!!
2/09/2010
Bottom in home prices?
All articles about house prices and volume of sales have to be taken with a large grain of salt since they are all based on averages. Georgetown isn't your average U.S. town or neighborhood. So trying to draw conclusions from articles based on national averages is dicey at best. But...it IS a good sign that someone, somewhere sees prices bottoming out. And the article below quotes PMI, a powerful company which is on the front lines of the real estate business. While this article doesn't address Georgetown real estate directly, it certainly can be used as an indicator...and in this case a positive one.
A new study from PMI Mortgage Insurance Co. suggests home prices have found their bottom. The company's analysis shows that by almost all measures, residential property values began stabilizing considerably during the second and third quarters of last year - and monthly data through November confirms that this stabilization continued into the fourth quarter. PMI says the likelihood that home prices will drop lower over the next 24 months is diminishing for most large metro markets.
Of the 50 most-populated MSAs in the United States, 22 had declines in their risk index, while only 17 had increases in the third quarter. Among all 384 MSAs, risk scores in 212, or 55.2 percent decreased, compared with 136, or 35.4 percent, that had rising risk scores. Florida, California, Nevada, and Arizona MSAs continued to face the highest probability of continuing price drops. PMI said all metro areas studied in Florida, Nevada, and Arizona have risk scores that remain significantly elevated.
Source: DSNews.com, Carrie Bay, (02/05/2010) (From RealTrends newsletter)
A new study from PMI Mortgage Insurance Co. suggests home prices have found their bottom. The company's analysis shows that by almost all measures, residential property values began stabilizing considerably during the second and third quarters of last year - and monthly data through November confirms that this stabilization continued into the fourth quarter. PMI says the likelihood that home prices will drop lower over the next 24 months is diminishing for most large metro markets.
Of the 50 most-populated MSAs in the United States, 22 had declines in their risk index, while only 17 had increases in the third quarter. Among all 384 MSAs, risk scores in 212, or 55.2 percent decreased, compared with 136, or 35.4 percent, that had rising risk scores. Florida, California, Nevada, and Arizona MSAs continued to face the highest probability of continuing price drops. PMI said all metro areas studied in Florida, Nevada, and Arizona have risk scores that remain significantly elevated.
Source: DSNews.com, Carrie Bay, (02/05/2010) (From RealTrends newsletter)
2/08/2010
Mayor Fenty visits Georgetown and a reminder of the Peabody Room
As I walked down Wisconsin Ave to my office a couple of days ago, I heard…coming from the hill above, behind the Georgetown Library construction site…an amplified voice. Turns out the voice belonged to Mayor Fenty, and he was helping mark the occasion of placing the cupola on the under-renovation library building. (http://www.dclibrary.org/node/3855).
I was reminded of the day nearly three years ago when I could hardly get to my office because of the fire fighting equipment, and the smoke which engulfed the library building and surrounding area. It was heartbreaking to see that significant building burning so ferociously, and to know we were losing its contents. Beyond the obvious loss of the books and historical objects, there was a loss of particular significance to the real estate community.
The flames ate through the Peabody Room, the key source for original historic materials about Georgetown. The second-floor room was named after the financier who in 1867 provided seed money for a library for Georgetown. For years Georgetown real agents and brokers had gone to the Georgetown Library to do historical research on Georgetown properties. The collection in the Peabody room had always been a unique one, and its curator a knowledgeable source of historical property information. Seeing the collection go up in flames was disheartening. Thankfully though, the fire was stopped before it consumed that collection, and nearly all of the collection was saved.
The Peabody Room presently houses a special collection of current and retrospective materials that relate specifically to Georgetown, its history, culture and economy. The collection contains information about local houses with chain of title, assessment records and other pertinent information; and local residents in both text and non-text formats. There are plats, maps, vertical clippings files, local newspapers, photos and engravings that depict various aspects of Georgetown life and history. There is also a collection of published books and journal articles either about Georgetown or by Georgetown residents.
What was there in the Peabody Room then, is now housed temporarily at the MLK,Jr Library in the Washingtoniana Division. Jerry A. McCoy is the Peabody Room librarian and archivist and may be reached at (202) 727-2271 or jerry.mccoy@dc.gov. Historical research can still be done by those who are particularly interested in the history of Georgetown properties, and the people who have owned those properties.
Martin Luther King, Jr. Memorial Library
901 G Street, NW
(202) 727-0321
(TTY 202-727-2145, M-F 9:30am - 4pm)
I was reminded of the day nearly three years ago when I could hardly get to my office because of the fire fighting equipment, and the smoke which engulfed the library building and surrounding area. It was heartbreaking to see that significant building burning so ferociously, and to know we were losing its contents. Beyond the obvious loss of the books and historical objects, there was a loss of particular significance to the real estate community.
The flames ate through the Peabody Room, the key source for original historic materials about Georgetown. The second-floor room was named after the financier who in 1867 provided seed money for a library for Georgetown. For years Georgetown real agents and brokers had gone to the Georgetown Library to do historical research on Georgetown properties. The collection in the Peabody room had always been a unique one, and its curator a knowledgeable source of historical property information. Seeing the collection go up in flames was disheartening. Thankfully though, the fire was stopped before it consumed that collection, and nearly all of the collection was saved.
The Peabody Room presently houses a special collection of current and retrospective materials that relate specifically to Georgetown, its history, culture and economy. The collection contains information about local houses with chain of title, assessment records and other pertinent information; and local residents in both text and non-text formats. There are plats, maps, vertical clippings files, local newspapers, photos and engravings that depict various aspects of Georgetown life and history. There is also a collection of published books and journal articles either about Georgetown or by Georgetown residents.
What was there in the Peabody Room then, is now housed temporarily at the MLK,Jr Library in the Washingtoniana Division. Jerry A. McCoy is the Peabody Room librarian and archivist and may be reached at (202) 727-2271 or jerry.mccoy@dc.gov. Historical research can still be done by those who are particularly interested in the history of Georgetown properties, and the people who have owned those properties.
Martin Luther King, Jr. Memorial Library
901 G Street, NW
(202) 727-0321
(TTY 202-727-2145, M-F 9:30am - 4pm)
2/03/2010
Long & Foster Real Estate Market Conditions Report - 4th Qtr 2009
This is a page from the the 35-page Market Conditions Report which our company makes available to us each quarter. While it covers an area much wider than Georgetown, it informs one as to the state of the real estate market in the area of which Georgetown is a part.
If you would like a copy of this report, I'd be happy to email it to you. darrell@lnf.com
Georgetown Property Sales Statistics - January 2010
12 properties went under contract in the month of January in Georgetown.
6 were Single Family houses (SF) and 6 were condos or co-ops (C/C).
For SF, listing prices range from $739,000 to $4,995,000.
For C/C, listing prices range from $239,000 to $2,295,000.
(Sold prices will be available once these properties have gone to closing).
Four properties closed in January in Georgetown:
1531 31st Street,NW #1 $500,000
3261 O Street,NW $708,000
3414 Prospect Street, NW $1,650,000
1621 31st Street, NW $2,225,000
There are currently 57 active Single Family (SF) listings in Georgetown ranging in price from $599,000 to $39,500,000. (9 are new in January)
There are currently 41 active Condo/Co-op (C/C) listings in Georgetown ranging in price from $199,990 to $4,200,000. (11 are new in January)
If you have any questions about any of these properties please don't hesitate to ask. darrell@lnf.com
6 were Single Family houses (SF) and 6 were condos or co-ops (C/C).
For SF, listing prices range from $739,000 to $4,995,000.
For C/C, listing prices range from $239,000 to $2,295,000.
(Sold prices will be available once these properties have gone to closing).
Four properties closed in January in Georgetown:
1531 31st Street,NW #1 $500,000
3261 O Street,NW $708,000
3414 Prospect Street, NW $1,650,000
1621 31st Street, NW $2,225,000
There are currently 57 active Single Family (SF) listings in Georgetown ranging in price from $599,000 to $39,500,000. (9 are new in January)
There are currently 41 active Condo/Co-op (C/C) listings in Georgetown ranging in price from $199,990 to $4,200,000. (11 are new in January)
If you have any questions about any of these properties please don't hesitate to ask. darrell@lnf.com
Real Estate Market Conditions Report
Long & Foster publishes a quarterly Report which analyzes the real estate market in the mid-Atlantic States where Long & Foster is the leading real estate firm. The report is 35 pages long with charts, graphs and statistics. I'd be happy to email a copy to you if you like. Just let me know at darrell@lnf.com
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