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.
This April, a total of eight contracts settled with a median sold price of $1,387,500 — a 15.0% decrease from last month, a 6.1% decrease from April 2018, but slightly up from the 5-year April average of $1,381,500. Each of these homes spent an average of 71 days on the market and received 94.2% of their original asking price.
At the end of April, 18 contracts were pending while 29 properties remained active on the market, resulting in a contract ratio of 0.62 pendings per active listing. This number is up from 0.54 in March 2019, down from 0.63 in April of last year, and higher when compared to the 5-year April average of 0.56.
For reference, a higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates that the market is moving in the seller's favor. On the other hand, a lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates that the market is moving in the buyer's favor. That being said, Georgetown’s townhome submarket remains favorable for sellers, but could be slowly moving in the buyer’s favor.
Condominiums & Co-ops
Turning our attention towards the condominium and co-op market, nine new homeowners were welcomed to the neighborhood, each paying a median sold price of $580,000 for their new home. This number represents an 7.4% increase from last April’s $540,000 but slightly down when compared to the 5-year April average of $592,000.
Each these properties spent an average of 61 days on the market and their sellers received 98.6% of asking price, which means that homes were priced well, allowing them to sell 17% faster than the 5-year April average of 74 days.
Additionally, by the close of the month, seven contracts were pending settlement while 26 listings remained active on the market. This resulted in a contract ratio of 0.27 pendings per active listings — down from 0.47 in March 2019 and down from 0.64 in April of last year. The Contract Ratio is 26% lower when compared to the the 5-year April average of 0.37.
The detached home submarket remained relatively quiet in Georgetown. There were no closed sales, but five new listings entered the market bringing the total number of active units to seven. Additionally, two properties went under contract. This activity resulted in a contract ratio of 0.29 pendings per active listing — up from 0.0 in March, down from 1.0 in April of last year, and 63% lower than the 5-year April average of 0.78. While the market still remains in the seller’s favor, but is slowly softening to benefit purchasers.
Neighborhood Real Estate Statistics
Sold Price (Median)
Price Per Square Foot (Median)
Sold Price to Original List Price Ratio (Median)
Days on Market (Median)
Supply and Demand (Months of Supply)
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