Survival of the fittest is still the name of the game within the US-housing market. With the shrinking amount of housing inventory, still nudging home prices up, it was refreshing to see a turn in the right direction this past month with national home sales.
U.S. Existing Home Sales rebounded during the month of September and rose 3.2% compared to August sale of previously owned homes. Due to the continued tight housing inventory currently present, this uptick was nicely welcomed within the industry, as highlighted by the Wall Street Journal.
Despite the national uptick in existing home sales, the District saw a slight decrease in the number of homes sold, with 710 compared to the 782 homes sold the previous month, as reflected in the August Ninja Report. The month of September also represented a noticeable dip in the average close price, with a 6.7% percentage difference from its August counterpart. As highlighted in the interactive graph reflecting D.C. September home sales, the most concentration of sales occurred within Wards 1, 2 and 6. The average cost per square foot, settling in at $491, an increase from August but a 97% difference from the behemoth average price per square foot experienced during the month of July. Reflecting home prices even hotter than the hot month itself.
Upon reviewing the data more, the Top 5 Neighborhoods for Home Sale, resulting in Columbia Heights reigning supreme this month edging out Dupont Circle, for the win with over 40 homes sold. Ward 1, dominated in September representing three of the top five neighborhoods for homes sales in the District. Shaw continues to eclipse other areas representing a huge bulk of sales within its adjoining Logan Circle and Cardozo neighborhoods.
Alternately, upon reviewing the Top 5 Neighborhoods, w/ the most average number of bedrooms, the dominance of Wards 1, 2 and 6 were evident, with the Stanton Park neighborhood taking the win, with a total of 21 sales, with an average bedroom size of 4. Both Brightwood Park and Petworth, closed out the month of September with a total of 21 sales also, with the average bedroom size slightly varying as reflected. Northwest, represented strong with Georgetown rounding out the fourth spot, with 15 sales for the month, at a 2.7 average bedroom size. Never to be discounted, the Northeast quadrant of the city was represented well by Kingman Park tying with Georgetown, reflecting the same number of sales and average bedroom size sold in September.
The most exciting dive into the September home sales that we did with this month’s Ninja report is reflected in the interactive visual below. We sliced up the home sales to view by ward the total number of bedrooms sold between 0 to 4 bedrooms, in addition to the average home price at each respective bedroom level.
A total of 194 units 2 bedroom units were sold during the month, at an average closing price of $570,028. Coming a close second, three bedroom units in the District, continue to sale reflecting only a mere 14 unit difference from its 2-bedroom counterpart. A total of 180 units were sold at an average closing price of $647,199, representing a significant 12.67% price difference from the leading bedroom category.
Similarly reflected in the graph below, home sales within each bedroom category was evenly distributed, with the exception of studio units. Representing only a small 34 units of September sales, this may be signifying a shift in the type of homebuyers, specifically the uptick in suburbanites rethinking the long commutes and opting to lay roots down in the District of Columbia. As highlighted in this article by real estate brokerage firm Movoto, along with the First Family, Washington, DC continues to win the hearts of so many families.
As we near the typical slow down months for real estate, the DN, eagerly looks towards seeing what new trends will round out the 2016 calendar year for home sales in the nations capital.