I sold a charming 4 bedroom/3 bathroom cooperative in North Cleveland Park last month, and after receiving nearly 20 offers on the place, I thought I'd take a look back at this market. The demand for 3+ bedroom condos and co-ops in DC appears to be strong, so let's take a look at the numbers since 2012. The search criteria was pretty simple:
- 3+ Bedrooms
- 2+ Bathrooms
- Sold Price $650k - $1.25 million
- Condo or Cooperative (read this post if you've ever heard horror stories about co-ops)
- Located in Northwest DC
Median Number of Days on the Market
The numbers speak for themselves when it comes to how long these condos and co-ops are on the market. Just a few years ago, seller's expected to give it a month or two before their places sold, and buyers had more time to make their decisions. But times have changed, and now units aren't lasting more than a month on the market...which makes it a relatively strong sellers' market.
Median List Price vs Median Sold Price
Average List Price vs Average Sold Price
Looking at the average and median list vs sold charts above, you'll notice that they both follow the same pattern. Units were selling for less than asking price in 2012 -14, but moving in to 2015, sellers are getting more than their asking price, and buyers are operating in a competitive market.
What does all of this mean?
Buyers: If you're interested in making a 3+ bedroom condo or co-op your new home or investment, all signs are leaning towards a sellers' market. Doing your homework before you begin your home search is critical, as you'll want to have everything lined-up when it's time to put in that offer. Work with an agent who understands the market and works efficiently, as this will save you time, money and stress.
Sellers: You've been living in your place for years now, and recently started thinking it's time for a change of scenery. Well, now is the time to consider selling, as demand for 3+ bedrooms condos and co-ops is increasing, while supply is relatively low. This makes your place an attractive unit for the marketplace. However, be sure to work with an agent who understands the condo/co-op market, and also has the resources to properly list your home so you receive top dollar.