This neighborhood’s 95.8 percent sales price ratio to original list price exceeded our criteria. But that was offset by a reduction in its median sales price, which fell from $770,500 in 2011 to $727,500 in 2012.
“The price came down substantially, a 6 percent decrease,” said Jonathan Hill of RBI. “The days on the market were already the lowest at 34 and the sale price to original list price ratio went up only three-fourths of a percent.”
American University Park was developed in the 1920s by the W.C. and A.N. Miller Co. More commonly known as AU Park, the scenic, close-knit neighborhood is located at the Maryland border on one of the highest points in the city.
Single-family homes in varied architectural styles make up the bulk of the housing in the area. However, like the rest of the Washington market, inventory is low in the neighborhood.
Valerie Blake, an associate broker with Prudential PenFed Realty, said that as of Feb. 25, there were just four homes on the market in AU Park — one condominium for $439,000 that had been on the market for 20 days and three detached homes ranging in price from $814,000 to $1.25 million that had been on the market for an average of 15 days.
“There’s also a nice mix of small, entry-level condos, co-ops and luxury properties that say, ‘I have arrived,’” Blake said.
The neighborhood has plenty of public transportation, including the Friendship Heights, Tenleytown and Cleveland Park Metro stations, as well as shops and restaurants. Wagshal’s Delicatessen is a landmark that has been frequented by celebrities and presidents.
Blake added that buyers are also attracted to the area’s “parkland, green space and tree-lined streets” as well as easy access to educational opportunities at all levels.
Friendship Park, referred to as Turtle Park by residents because of the five large statues in the play area, is where residents often gather for community events and sporting activities and let their children play.