2018 is in the books and overall it proved to be a good one for Glover Park real estate. The market slowed down in the latter half of the year and for a brief period in the fall there were regularly multiple listings holding open houses, several price reductions and a few listings that failed to sell. The market was solid but it did not keep pace with 2017.
2018 highlights for single family homes:
- The highest sale in the neighborhood according to BRIGHT sales data was a re-purposed apartment building converted to a fee-simple property with a main residence and 2 rental units on Davis PL. It closed for $1,450,000.
- The second highest sale was a semi-detached row house on Benton that sold for $1,360,000. It was a stunning main house renovation with a nice yard and rear deck
- The lowest sale was was a 2-bedroom on Observatory PL NW that listed for $769,000 and closed for $730,000
- The average days on market was 20 which was 11 more than in 2017
- Of the 52 homes that sold in 2018, 2 sold before they hit the market and an additional 20 sold in 10 days or less
2018 highlights for condos and coops:
- The highest sale in the neighborhood was a newly renovated 2-bedroom condo that listed for $589,000 and closed for $619,000. It was a beautiful unit with high-end finishes and great light
- The lowest sale was a 1 bedroom condo for $169,000 on Tunlaw
- The average days on market was 46 which was a 22 day increase over 2017
Lack of inventory continued to be a challenge for buyers looking to move to Glover Park. Some sellers faced similar challenges in terms of low inventory in neighborhoods to which they wanted to move. Chevy Chase, DC is a common trade-up neighborhood for Glover Parkers and it was a similarly challenging neighborhood to break into. When trade-up neighborhoods suffer from a lack of inventory, the domino effect is often felt downstream.
A few things we’ll be watching closely in 2019 that have the potential to impact the Glover Park real estate market:
- Interest rates have remained historically low but any substantial increase will reduce buying power for most would-be purchasers
- Trader Joe’s and Wegmans should counter-balance any lingering concerns about the protracted shutdown of Whole Foods
If you’d like to get a better idea of the value of your home, or what to expect from the market in 2019, contact us for a confidential evaluation.
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