Three Charts...and all you need to know about the DC market

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Three Charts...and all you need to know about the DC market

Based on comments by Federal Reserve Chairwoman Janet Yellen and other top officials, many economists are certain that Fed policymakers will raise interest rates during their upcoming Dec. 15 - 16 meeting. The initial rate hike is expected to be just 0.25 percentage points, and leading minds have indicated that the housing market is likely to continue to see growth through 2016. As you prepare for the Holidays with friends and families, check out these three charts to sound like an expert on DC real estate :)

Red - Single Family Homes
Green - Row Houses & Town Houses
Yellow - Condos & Cooperatives

Washington, DC

Average Sale Price: Since 2010, single family homes and row houses have steadily increased in value. A detached home in 2010 sold on average for about $890k, but they now sell for about $955k. Condo growth has been relatively modest. Row homes have just exploded, with the average selling for $725k now, compared to just $490k in 2010...a 50% increase!

Average Price Per Sq Ft: The average DC condo sells for about $500k, and folks are paying a premium for each square foot ($525/ sq. ft. in 2015). If you purchased a house or condo five years ago, chances are it's worth more today.

Months of Supply (Demand): If you're thinking about selling your home, now may be the time, as we are seeing record high demand and record low inventory. This means Sellers are receiving attractive offers, as Buyers are often finding themselves in bidding wars. However, in November 2015, we saw an unusual spike in inventory, so there is speculation that the market is beginning to turn. A completely balanced market in DC is about 4 months supply of inventory, so we are well below that as we hover around two months supply.

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Where Brookland At

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Where Brookland At

 

Brookland has been enlivened by the local arts community, helping make this northeast neighborhood one of DC's most sought-after places to live.  Bound by Rhode Island to the South, 9th St to the West, Michigan Ave to the north, and South Dakota Ave to the east...Brookland is where it's at!

By the Numbers

Over the past five years, prices in Brookland have continued to soar. Just five years ago, $300,000 would get you a three bedroom home in the neighborhood. Today, that $300,000 will only get you a one or two bedroom unit, and three bedroom homes now average around $575,000.

Single-family homes and town homes tend to stay on the market for about a month in Brookland, but homes that are properly marketed and priced right are being sold in a week.  You're likely to see a similar situation when it comes to condos, as Brookland continues to be a strong seller's market.  

Just as with the housing trends discussed above, the average price per sq. ft. for all homes and condos in Brookland has steadily increased over the years. The neighborhood boasts some of the regions most charming homes, and town homes and single-family homes are now approaching $450 per sq. ft.



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Cleveland Park Open House This Weekend - Open 1-3 pm Saturday & Sunday

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Cleveland Park Open House This Weekend - Open 1-3 pm Saturday & Sunday

3031 Sedgwick Street. NW #404-E is offered at $600,000

Modern living and historic touches combine seamlessly in #404-E; the moment you walk into this home you know you've found a distinctive residence. The current residents completely renovated the home in 2001 by opening walls, replacing the kitchen and bathrooms, and adding new lighting and built-ins.

Open-plan living was achieved by opening the walls between the foyer, living room, dining room and kitchen. With the new open plan and 17 windows with three exposures (overlooking the Melvin C. Hazen Park and the complex's gardens), this home is flooded with light.

Handsome white cabinets with chrome hardware anchor the kitchen, which features Corian counters and stainless appliances. A clever design provides a second side sink, so two cooks can work together and a wine refrigerator allows for storing special vintages. The easily accessible full-length pantry is ideal for storing bulky items. The kitchen has been opened to the dining room with a peninsula for serving food and a built-in wine rack underneath.

Windows overlooking scenic parkland provide a charming backdrop for the spacious dining room and a beautiful light fixture provides ambiance for evening meals. It's been opened to the foyer and living room for easy flow when entertaining. The living room boasts a wall of custom built-in bookcases that is ideal for displaying objet d'art as well as rare books, in a fully configurable framework. With double windows overlooking the park and gardens, it's an ideal space for relaxation as well as formal entertainment.

Through original double-folding French doors off the living room, you'll find a spacious Solarium boasting two exposures - southern and western, with views of Melvin C. Hazen Park. 

The bedrooms are found on the private wing of the home and both have views of the historic gardens of the complex. The master suite has two exposures and a completely renovated ceramic tile half-bath. The hallway ceramic tile full-bathroom has been completely renovated and has a window overlooking the gardens.

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DC Open Doors Homebuyer Program - Nov. 10th at Dupont Circle WeWork

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DC Open Doors Homebuyer Program - Nov. 10th at Dupont Circle WeWork

DC Open Doors is a program funded by the DC Housing Finance Agency that offers down payment assistance to first time home buyers and repeat homeowners. Many would-be homeowners are paying record high rents to live in the city, and primarily because folks aren't able to save for a down payment to purchase a home. DC Opens Doors allows buyers making less than ~$126,000 to purchase a home with $0 down payment, so there's no need to continue throwing away money paying your landlord's mortgage...especially if you plan to be in DC for more than 5 years. 

Come to this FREE event on Tuesday November 10th from 6:30 - 8:00 p.m. to learn more about the DC Opens Doors program and the home buying process. This event is open to all, from property virgins to seasoned homeowners, so stop by to learn more. Light refreshments will be provided. 

EASY RSVP

One of DCFHA's lender partners is David Toaff of First Home Mortgage, who is also an expert home mortgage lender.

Interview with David Toaff of First Home Mortgage

Who can take advantage of the DC Open Doors Program?                  
People interested in purchasing a home in DC, who have little to no money for a down payment and want a simple, painless loan program to get them into a home. With this program, so long as you make less than ~$126,000 per year and have a 640+ credit score, then you're likely eligible. I often see people who make a decent salary, but as we all know in this town, saving money for a down payment can be a challenge. Instead of throwing away money on rent, they are now homeowners!

Can any lender participate?  
Lenders must be approved by DC Housing Finance Agency.

What are the benefits of participating in the program?
The benefits of DC Open Doors include some (or all) of the following:

  • Obtain 0%, deferred, down payment assistance loan that covers 100% of the purchase price, in conjunction with the first loan (fully forgiven after 5 years);
  • Reduced mortgage insurance with the conventional product;
  • The ability for people to get into a home in the hot DC market, who may not have otherwise been able to; and
  • This enables Buyers to take advantage of the great potential for home appreciation, sooner, rather than later.

So what's the catch?
The only requirement to use the DC Open Doors program is completion of a HUD-approved homebuyer course. There are courses available online that are quick, easy, and free of charge. 

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A look back at Columbia Heights...

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A look back at Columbia Heights...

Meridian Hill Park

Columbia Heights is one of DC's fastest growing neighborhoods, so I decided to take a look at the numbers over the past five years. As you probably guessed, prices in the nabe continue to climb, and folks are paying top dollar for those coveted row houses and condos.

Back in 2010, the average row home sold for about $440,000 and a condo would run you about $363,000. Jump ahead five years, and you'll spend $743,000 for a row home and $500,000 for a condo in today's market. 

From 2010-11, Sellers could expect their homes to sit on the market for over a month, but that quickly changed from 2012-present, where the median home sold in less than two weeks. Buyers should do their homework and work with a qualified agent before house hunting.

Columbia Heights has been a popular neighborhood for first-time homebuyers. It's proximity to Metro, abundance of restaurants/shops, and affordability has been a major draw. The average one bedroom condo used to sell in the low $300s, but we've seen a recent uptick this year with the average condo selling in the high $300s to the low $400s.

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