How has the 2015 real estate market been in comparison to the previous year? Should you consider moving next year? Is now the right time to downsize? Or to unload that investment property?
As the year nears its end, we’ve been running the first preliminary stats. And the findings are surprising.
So far this year, 29 single family homes have sold on the Chevy Chase side of Rock Creek Forest (up from 23 in 2014 and 19 in 2013). And the year isn’t even over yet: 4 houses are currently under contract, bringing the potential count up to 33. Another 6 houses are actively on the market, so we might very well beat the 2007 record of 33 this year!
The closed prices, however, in this year’s sales have so far ranged from $480,500 to $1,199,000, with an average of $734,810. That’s below last years average of $804,000 — although that average was skewed by an outlier (an unusual contemporary on Washington Avenue that sold for more than $1.5M).
Final judgment will be reserved until all the numbers are in, but suffice it to say that it has been a much more lively and balanced market in 2015 than what we’ve seen in the previous years. The median time on the market has been 27 Days, with only a handful of homes either getting snatched up in bidding wars or sitting for extended periods of time. On average, homes have sold at about 97% of the list price. That means sellers finally got it right!
We will look at nearby Colonial Village and Shepherd Park next.
To see what’s on the market in Rock Creek Forest right now, click HERE.
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