Georgetown real estate market makes a comeback
In 2010, the Georgetown real estate market appears to have started to pull itself off the bottom. While the numbers are still down, the market is definitely finally moving upward.
There were 215 homes sold in Georgetown in 2010. The mean price was $1,263,921.21. The median (which isn’t thrown off as much by a few large sales) was $995,000... activity was up in 2010, but the prices weren’t. (It’s just a crazy coincidence that the number of homes sold was up exactly even with the percent drop in mean price).
The more pressing question is how did sales prices fare compared with list prices. On that account 2010 was slightly better than 2009. The mean drop in price from list to sale for 2010 was $123,068.86, the median drop was $65,000. That compares with 2009′s numbers of $134,760.13 and $65,000, respectively. So the mean drop is down slightly and the median drop is exactly the same.
[Continue reading this piece by Topher Mathews at Georgetown Metropolitan here.]
Topher Mathews blogs at The Georgetown Metropolitan . The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.
| January 12, 2011; 3:30 PM ET
Categories: D.C., Georgetown, HotTopic, Local blog network, real estate
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