Welcome to Georgetown
Beyond the White House, Capitol, and monuments, it’s Georgetown that captures the public’s imagination when they think about the glamor of old Washington. From Federal townhouses and Georgian mansions on gas-lit streets to the gothic spires of the university and the industrial chic of the waterfront, today’s Georgetown residents effortlessly combine tradition and trendiness. Read More about Georgetown here.
During March, seven properties settled with a median sold price of $1,586,000 — 14.4% higher than March of last year, but down by 28% compared to February. Additionally, each of these homes spent an average of 41 days on the market, which is 59% below the 5-year March average of 99 days!
April is less than halfway over, but Georgetown has already seen six contracts close and should expect to see 11 more pendings settle by the end of the month. The average list price for these pending contracts is $1,680,091, so pricing should remain stable and even increase as we head into the busy Spring market.
Condominiums & Co-ops
Turning our attention towards condominiums and co-ops, four new home owners were welcomed to the neighborhood, each paying a median of $490,000 for their new home. An additional property traded off market for $1,025,000, but for that reason, was not included in last month’s statistics.
That being said, the median sold price of condos and co-ops decreased by 49.2% compared to February and by 8.9% from March of last year. On the other hand, these lower prices allowed properties to sell 17% more quickly than the 5-year March average of 59 days.
Looking ahead to the end of April and May, we are expecting things to pick up. More than 20 units are currently on the market and at least two more contracts are expected to settle by the end of the month.
As for detached homes, the Georgetown market experienced a bit more activity than in February. Although there were no closed sales in March, two new listings entered the market and one of them went under contract within three days and will settle for $1,011,700 in early April.
That being said, five active properties remain on the market with a median list price of $5,990,000 and one more property is under contract and anticipating settlement later this month. This resulted in a contract ratio of 0.75 pendings per active listing — 6% higher than the 5-year March average of 0.71. This higher contract ratio signifies a relative increase in contract activity compared to supply, and indicates that Georgetown’s detached home submarket may be moving in the seller's favor.