Throughout 2011, I noticed the asking prices for homes in Georgetown seemed to be soaring compared with years past. Were the sellers actually getting these prices?
My New Year’s Day ritual of pulling together the actual sales numbers brought a few surprises.
I went back five years, using sales of Georgetown houses (no condos included — we’ll do that later) that sold between January 2005 and December 2011. These include information from MRIS, the multiple listing service, and does not include sales where Realtors were not involved:
Do these prices look flat to you?
Last year, there were a lot more sales, even when I took out the eight commercial transactions. There were 126 sales, the most we’ve had in the past five years, but not even close to the 2005 record of 179 transactions.
The sold prices ran from a high of $22,000,000 for the amazing Evermay Estate to a low of $380,000 for a little converted carriage house in an alley behind P Street.
The average prices in Georgetown are skewed any year there is a huge sale, so I figured the average two ways. With one, I used all of the transactions, then I did an adjusted average removing the high and the low numbers. Without Evermay, only 2009 was a worse year.
The median price was the lowest during the past five years, at $1.2 million.
Last year, it took homes longer to sell than in past years. The average home that sold spent more than four months on the market. And this does not include most of the 85 homes that were taken off the market without selling.
While averages and medians are interesting, but they don’t tell us whether specific houses or types of houses are selling for more or less money than they did in past years. So for that story, stay tuned for Part 2!
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