For single-family homes, the trends for 2013 sales in the neighborhood can easily be summed up: low inventory and overall number of sales; an average, few days on the market; high sold-to-list price ratio; stable prices. The stats for the condos (at Rock Creek Gardens/Rock Creek Apartments) are somewhat different, but let’s start with the SFH on the Chevy Chase (zip code 20815) of the neighborhood. The table lists what sold in 2013:
|Address||BR||FB||HB||Orig List Price||List Price||Close Price||Days On Market||DOM Total||Close Date||Lot Sqft||Yr Blt|
|2715 NAVARRE DR||4||2||0||$524,900||$524,900||$475,000||6||6||10-Jan-2013||6359||1951|
|2611 SPENCER RD||3||2||0||$595,000||$595,000||$595,000||4||4||25-Feb-2013||6480||1948|
|2710 COLSTON DR||3||3||1||$749,000||$749,000||$763,500||4||4||26-Feb-2013||5227||1941|
|8518 GRUBB RD||4||3||0||$529,500||$529,500||$487,500||16||16||08-Mar-2013||8430||1950|
|2812 TERRACE DR||4||2||1||$529,900||$529,900||$505,000||11||11||07-May-2013||8362||1955|
|2710 EAST WEST HWY||3||1||1||$575,000||$585,000||$585,000||3||3||17-May-2013||5664||1941|
|8400 FARRELL DR||4||3||0||$549,000||$549,000||$606,000||3||3||06-Jun-2013||9523||1951|
|2722 ABILENE DR||5||3||1||$889,000||$889,000||$879,000||7||7||27-Jun-2013||6554||1985|
|2614 SPENCER RD||3||2||0||$695,000||$649,000||$615,000||49||49||15-Jul-2013||6765||1948|
|2708 BLAINE DR||4||2||1||$710,000||$710,000||$710,000||10||10||18-Jul-2013||5850||1942|
|2606 WASHINGTON AVE||5||4||1||$1,250,000||$1,250,000||$1,192,500||13||13||30-Jul-2013||7188||1990|
|8604 FARRELL CT||4||2||1||$599,900||$575,000||$560,000||46||46||31-Jul-2013||8165||1955|
|2801 SPENCER RD||3||2||1||$750,000||$699,000||$669,000||51||51||08-Aug-2013||9284||1948|
|2721 BLAINE DR||4||2||2||$749,000||$779,000||$785,000||3||3||15-Aug-2013||5000||1941|
|2709 NAVARRE DR||3||3||0||$525,000||$525,000||$498,750||12||12||23-Aug-2013||6485||1951|
|2619 COLSTON DR||3||3||0||$650,000||$650,000||$625,000||29||29||28-Aug-2013||7420||1950|
|2702 E WEST HWY||3||2||1||$749,000||$749,000||$760,000||6||6||30-Aug-2013||5877||1941|
|2719 BLAINE DR||4||2||0||$719,000||$719,000||$735,000||7||7||10-Sep-2013||5800||1942|
|8303 ELLINGSON DR||4||2||1||$624,500||$624,500||$620,000||22||22||25-Sep-2013||6287||1949|
All in all, we’ve had 19 single family home sales on the Chevy Chase side of RCF this year (plus on the Silver Spring side), with another one under contract (but unlikely to close before the end of the year). Last year we had closed sales. As you can see in the first graph, sales prices have been closer than ever to the the original list prices. That was surely a function of a shorter time most listings spent on the market (see second graph), 16 days, ever dropping since 2009, when it took 105 days to get the average RCF house under contract.
Of course, the quick turn-around time reflects another trend: the continuously dropping inventory. Back in 2006 or 2007 there were more than 30 SFH transactions each year. Every agent we talk to in our area has the same complaint: there’s not a whole lot to sell out there. While this is wonderful news for the sellers who do decide to sell, it’s not much fun for buyers, who have been waiting in the wings watching as interest rates slowly rise.
Not only have the interest rates risen, but qualifying for a loan has become tougher again for many buyers. In many ways, that’s for a good reason if we remember what preceded the mortgage crises in the first place. Back in the crazy market of 2005, it was practically impossible not to get a loan. In all fairness, and to put things in perspective: rates are still historically low and can certainly not be blamed for the lack of listings.
RCF Price Development: (Click here for an updated map and list of properties currently for sale in Rock Creek Forest)
Our neighborhood has been doing rather well throughout the turmoil. The overall sales volume for RCF actually increased in 2010: $21,155,550 compared to $17,042,000 in 2009. This is largely due to a substantial price recovery: the average sold price increased to $682,437 (range $450,000 to $1,265,000) from the previous year’s $608,643 (range $315,000 to $975,000). A similar trend could be noted for 2011
While the total number of houses sold (31 in 2010 and 28 in 2009; following a sharp drop from 40 to 22 between 2007 and 2008) was further proof of stability, there was another piece of good news for sellers: the reduction in the time houses sat on the market (DOM) began to shorten again to an average of 45 days in 2010 versus 56 days in the previous year. It has …
Once more, the overall picture is fabulous when compared to other parts of the country, or even the region. Time will tell if the trend continues in 2014 and beyond. Much will depend on the development of mortgage interest rates which still are rather low.
Numbers cited include sold listings only; statistics for withdrawn or previously listed properties have not been considered.
Click here if you’re thinking of selling your RCF home.
Click here if you’re thinking of buying a home in RCF.