A Vi ew Fr om Washi ngt on, DC
esp i t e i n t er est r at e h i kes, d em an d f o r h o m es c o n t i n u es as p eo p l e sp en d m o r e t i m e at h o m e
Her e i n Wash i n gt o n , DC, t h e m ar ket was su p p o r t ed by l ow i nven t o r y w h i c h su st ai n ed p r i c i n g w h i l e gi vi n g b u yer s n ew o p p o r t u n i t y
Wash i n gt o n , DC saw a t em p er ed , an d st ead y gr ow t h d u r i n g t h e p an d em i c w h i c h al l owed u s t o b e set u p i n a f ar b et t er p osi t i o n t h an m any o t h er m ar ket s as we n avi gat e a sh i f t i n g m ar ket p l ac e
Lu xu r y Ou t l o o k 2 0 2 3 PG #
DUN CA N COLQUH OUN Real Est at e Ad vi so r TTR So t h eb y s In t er n at i o n al Real t y 9 14 4 13 19 15 | d u n c an c o l q u h o u n @so t h eb y sr eal t y c o m {2.6%} Aver age sales pr ice growt h YOY in 20 22
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A RCH I T ECT URA L M AST ERPI ECE 3 3 0 1 Fessen d en St N W Wash i n g t o n , DC 2 0 0 10 $ 10 ,5 0 0 ,0 0 0
2022 Year End Mar ket Dat a
New List ings in t he Dist r ict of Columbia are down YOY 10.7%present ing an oppor t unit y for seller s. As invent or y remains relat ively low, pr ices will remain relat ively st able, despit e uncer t ain economic changes ahead
Average sales pr ice across DC was up 2.6%YOY from 2021which remains in line wit h our t empered growt h t hroughout t he pandemic T he 4t h quar t er did see slight decline in Avg sales pr ice demonst at ed by a 3.8%decline in november (from t hat same t ime t he year before).
A similar t rend was seen, as expect ed wit h regard t o $/sqft which remained vir t ually equal t hroughout calendar year 2022 as compared t o t he previous year. $/sqft did decline slight ly in t he 4t h quar t er 2.1%when compared t o t he same t ime in 2021.
T he Condo Mar ket | At a Glance
T he condo market in Washingt on, DC present s a different oppor t unit y, par t icularly for buyer s
T he market t hroughout 2022 remained relat ively st able, showing 2%growt h YOY in Avg sales pr ice, r ising from an average pr ice of $592,326 t o $602,733
T he market dropped off considerably more in t he 4t h quar t er however giving us a pict ure of 2023t hat could provide great oppor t unit y for buyer s looking t o get int o t he condo market
T he 4t h Quar t er of 2022 represent ed an 8%drop in average sales pr ice when compared t o t he year as a whole Falling from $602,733 t o $555,587
W hen compar ing t o t he same per iod in 2021you see even great er oppor t unit y for buyer s. Buyer s in 2021were spending on average, $616,430 on condos in Washingt on, DC. Q4 of 2022 represent s a 10%decline from t he 4t h quar t er 2021, offer ing some much needed relief t o help combat r ising int erest rat es We are also seeing some relaxing on t he compet it ion buyer s are seeing as sales pr ice t o list pr ice rat ios are dropping below 100%for t he fir st t ime in year s. Buyer s in t he 4t h quar t er of 2022 were on average paying a 4%discount on init ial list pr ices, compared t o paying 99.8%of value t his same t ime last year.
CI T Y CEN T ER PEN T H OUS E 9 2 0 I St N W # 110 1 Wash i g n t o n , DC 2 0 0 0 9 $ 2 ,9 5 0 ,0 0 0
