What market trends did we see in the 1st half of the year in Glover Park?
We’re halfway through 2019 which is a great time to pause and look at how the real estate market has performed over the first six months of 2019 in Glover Park. Broadly speaking, the market in DC has been solid through the first 6 months of this year. Continued low interest rates together with strong employment and a continued trend of buyers seeking out walk-able and urban lifestyles make the DC market one of the most desirable in the country.
Glover Park has mirrored these city-wide trends with hyper-local factors playing a role as well. Stoddert remains a huge draw for young families. Being nestled between Georgetown University and American University has perennially made Glover Park an attractive place to live for anyone needing easy access to either campus. The protracted legal dispute between Whole Foods and it’s landlord on Wisconsin AVE had the potential to take a toll but that has been eased by the (any minute now!) opening of Trader Joe’s just down the block and the 2020 planned opening of Wegman’s at the old Fannie Mae site.
Overall the market remains strong but the pace of appreciation appears to be slowing relative to the past 3 years.
A few highlights from the data:
- The average sales price for houses crept up $33,000 to $1,038,000 (up from $1,005,000 for all of 2018)
- The average days on market increased from 20 to 23 compared to all of 2018
- The average condo price slipped from 2018 but that is largely due to a one-time jump in the average last year due to a new construction project that sold all at once.
- The average days on market for condos/coops decreased from 46 (2018) to 35 which is a bright spot in the condo/coop data
What will the 2nd Half of the Year Bring for Glover Park?
July and August tend to be slower months for sales with less inventory coming on the market and few buyers actively looking. The fall market will start in earnest the weekend after Labor Day and typically runs through Thanksgiving with only the occasional listing coming on the market after Thanksgiving but before the end of the year. This will likely lead to similar pricing as the 1st half of the year but it might take longer for a property to sell.
Want more information?
Fill out the form below for access to a detailed report breaking down all the sales in Glover Park for the first half of 2019 (and, as a bonus, a quick snapshot of anything posted after then as well) together with pictures and more information.
If you are looking for advice on exactly what these numbers mean for the value of your Glover Park property then click HERE to set up a confidential meeting with Anslie to discuss your needs.