Home Sales Increase 50 Percent in Bloomingdale as Supply Dives

• September 12th 2016

by Nena Perry-Brown

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While UrbanTurf spent the early part of 2016 reviewing how DC area housing markets have recovered since the 2008 recession, we are now looking at how various neighborhoods are performing thus far this year as compared to the first half of 2015.

For this week’s edition of Home Price Watch, we are taking a look at Bloomingdale, where sales volume increased markedly in 2016 as supply and prices have dropped.

Fifty percent more listings sold in Bloomingdale so far this year compared to the same period in 2015, increasing the sold dollar volume by 67.45 percent. However, the median sales price is down five percent this year, from $723,496 to $687,000, perhaps the result of not being able to keep up with listing prices, which have risen 18.5 percent.

The higher listing prices have not translated into the same level of bidding wars in the neighborhood, with homes now selling for an average of 99 percent of their listing price — compared to 106 percent last year.

Despite these divergent statistics, there are indicators that the housing market in Bloomingdale is still competitive. For one thing, houses are spending an average of 23 percent fewer days on the market. And while the housing supply has fluctuated wildly throughout the past year, even hitting a high of three months in October 2015, levels have still been markedly low in recent months, averaging about three weeks of supply during that time.

Housing data for the advertised subdivision of Bloomingdale for this article was provided by RealEstate Business Intelligence.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/hpw_sold_price_down_5_pct_in_bloomingdale/11659.