Capitol Hill Real Estate Report

Guest contributor Jessica Wilkie is a Hill resident and Realtor with DCRealEstate.com. –SLC

As of the end of April, median “sold” prices were slightly above May 2006 levels, at $555,000. Many parts of the country are at or below 2002 levels. So it’s heartening to see that, as with DC real estate on the whole, we’ve weathered the economic downturn pretty well in the 20003/20002 ZIP codes.

It’s interesting to note that the month of May saw more than a few competitive sales take place. Eleven homes went under contract in less than two weeks and sold for over their asking prices. Most of those were priced in that sweet spot, from $600,000 to $800,000.

Competition among buyers is high because supply is relatively low. Focusing again on this in-demand price range, there have been 17 new listings added in the past three weeks. Since May saw 29 sales close listed between $600-800K, the newly added inventory is barely keeping up with demand. This would indicate a market tipped in sellers’ favor at this point.

Buyers looking for Capitol Hill real estate should be patient. The right house will come — just don’t wait when you see it. Write a nice offer and be happy that you are investing in a growing, vibrant part of the city.

Homeowners can be happy that their properties are maintaining value, and that the east side of town is attracting new people every day. More residents, more community, more tax base.

Next time: What’s been happening in Trinidad…