I recently helped a first-time house hunter purchase a charming one-bedroom condo in Kalorama Triangle, a Northwest DC neighborhood bound by Connecticut Ave, Columbia Rd and Calvert St. Folks are drawn to the neighborhood for its close proximity to Woodley Park, Adams Morgan and Dupont Circle...you can actually walk to each. While you're just a few steps away from the action in Kalorama, you'll also find quiet city streets with views of Rock Creek Park.
Median Sale Price for 1 & 2 Bedroom Condos
Kalorama Triangle is one of the city's most desirable neighborhoods, and there is a good mix of condos, coops, and row homes. As you can see above, the median one-bedroom condo/coop sold for about $344k in 2008, but now the median sale price is $390k. Two-bedroom condos/coops experienced a bit more volatility over the years, but prices have increased at a healthy level since 2011. The median for a two-bedroom Kalorama condo/coop is $625k.
Row Homes and Single-Family Homes
This is a snapshot of the median price per square foot of homes in Kalorama. A detached (single-family) home is currently about $685 per sq/ft, whereas the median was $590 per sq/ft three years ago.
Attached row homes have been rather steady over the years, but we're starting to see a bit of a downturn as of late. The median row home sold for about $550 per sq/ft last year, but we saw no activity during the late-summer months...which is consistent with the entire city's lack of housing supply.
How Many Days on the Market???
Up. Down. Up. Down. Up. Down. This chart is all you need to determine the best time to buy and the best time to sell a condo/coop.
If you BUY after the summer months, you're more likely to find a Seller that's willing to negotiate. The downside of buying during the slow season is that there are fewer homes on the market, thus fewer options. If you plan to buy during the warm months, be prepared to act quickly...condos typically sell in less than a week!
If you're thinking about Selling your condo or coop, now is the time to begin the process. As the old saying goes, "Never tell someone something that you can show them." The market in Kalorama heats up in the spring and summer months, so the buyers are there. However, if you overprice your home or fail to properly stage it, you'll find yourself sitting on the market for a long time. It typically takes 2-4 months to list a home, so there's no better time than now to discuss your options with a qualified Realtor.