Home Price Watch: Prices Jump 13 Percent in Brightwood

• June 29th 2015

by Tianna Mañón

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In this week’s Home Price Watch, we head to Brightwood, where prices have jumped 13 percent and homes are spending a lot less time on the market.

Between January and May of 2014 and that period in 2013, the median sold price in Brightwood budged a negligible 0.01, moving from $397,950 in 2013 to $398,000 in 2014. During that same time period this year, the price has made a big difference for buyers and sellers in the neighborhood. It’s now jumped well over the $400K mark to $450,000.

The amount of time homes are spending on the market has decreased, too. It moved down by 36 percent, or about a month, dropping from 83 days last year to 53 days this year.

Fewer homes did sell in Brightwood this year than last, with the drop due to a smaller number of condo sales. 59 units sold in this northern neighborhood, 20 percent fewer than the 74 sold by this time last year.

Here are a couple of other takeaways from the data:

• Most of the units sold were conventionally financed, indicating all-cash investors aren’t driving the interest in the neighborhood.
• Last year, sellers were getting a little more out of their list prices, with the average sold price to original list price ratio rising to nearly 100 percent. That meant sellers were getting about what they were asking for their properties. This year, it looks like sellers got a little ahead of themselves; sellers upped their list prices, but caught less of the listed price. The average sold price to original list price ratio dropped to about 96 percent of the list price. But given the higher median sales price, list prices may not have made much of an impact: Sellers still probably grabbed a little more for their homes this year than they would have last year.

UrbanTurf used data on the advertised Brightwood subdivision from real estate data firm RealEstate Business Intelligence for this article.

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• Home Price Watch: The Increasingly Competitive Market in Bloomingdale
• $1 Million is the New Normal in Chevy Chase DC
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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_prices_jump_13_percent_in_brightwood/10055.