Eckington By The Numbers || Weekend 02.03.2024

 

Happy Sunday Eckington!

Taking a closer look at this week's activity in Eckington, we observed a decrease in active listings from 23 to 21, with a total of 3 closings in the last 30 days. In January 2024, we had 7 closings, surpassing the 6 closings in January 2023, but falling short of the 14 closings in January 2022.. It's worth noting that January 2022 still benefited from historically low-interest rates.

The positive news is that the Eckington market is moving at a slightly better pace than last year. However, a more extensive dataset is required to assess the trend thoroughly. If interest rates continue to decline, as widely expected, I anticipate surpassing last year's numbers.

As of Friday, February 2, 2024, the current average interest rate for a 30-year fixed mortgage is 6.92%. We source this data from Mortgage News Daily. 

Another noteworthy data point is the highest residential sale on record for Eckington at 22 Q St NE, Washington, DC 20002, closing on 7/31/23 at $1,600,000.

An intriguing prospect is the listing at the Eckington School, 111 Quincy Pl NE #1, Washington, DC 20002, currently listed for $2,500,000. If this property succeeds, it will significantly surpass the highest sale in Eckington. Not only does it exceed in value, but it also boasts an impressive size of 5,863 sq ft. I personally toured the home with a client last week, and it is indeed a unique and special place. As a former architect, I appreciate distinctive spaces. While other cities often have unique buildings from former working harbors, DC never had that. DC's adaptive reuse projects frequently involve schools, churches, and some warehouse/garage-like spaces.

Eckington By The Numbers || Weekend 1.13.2024

Good morning, Eckington!

New year, same us, same data! We hope you all had a wonderful New Year.

Eckington's data this week and across DC is interesting. The number of active listings dropped from 25 to 22, and there have been a total of 5 closings in the last 30 days. The average days on the market pushed up to 41 from 25. However, we are seeing some movement in early 2024. 

The rates continue to drop from a peak high back on October 18th of 8.01%. Have a look at the chart below. Click on it to see more. The dropping rates have certainly been motivating more buyers. We had two condo listings that were sitting through the holidays, and in the first week of the new year, both suddenly had 5 plus showing requests. Both are now under contract. Additionally, in other parts of the DC area market, houses are seeing multiple bids. If you are considering selling this spring, it might be a very good time for you. Stock is still low, and combined with dropping rates, I believe you will do very well. Next week, Alex and I will release a longer video on what to expect in the 2024 market, and we will send it here too. So more to come there.

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Eckington By The Numbers || Weekend 12.17.23

The final stretch of 2023! Taking a look at Eckington's data this week, the number of active listings dropped from 31 to 25, and there have been a total of 6 closings in the last 30 days. The average days on the market droped to 25. There are no open houses set for this weekend. Not unusual for this time of year.

The big news this week is the rates. They continue to drop. As of Friday, the average 30-year rate hit 6.64%, down from an October 18th high of 8.01%. If it weren't for the weeks before the holidays, this would drive a lot of folks out. I will be interested to see where rates land after the new year and if the downward trend will continue.

If anyone has more detailed quetions about the market that we do not cover in the weekly email, please always feel free to reach out. Both Alex and I are happy to chat.

Eckington By The Numbers || Weekend 11.19.23

Taking a look at Eckington's data this week, the number of active listings remained at 39, and there have been a total of 8 closings in the last 30 days. The average days on the market moved from 49 to 62. This increase in days on market is common as we head into the holidays so I would not read too much into that.

Although it might seem a bit early, in terms of real estate timing, spring is just around the corner. We've had several inquiries from folks looking to list their property next spring, asking how they can get a head start this winter to avoid feeling rushed. Here are a few proactive steps you can take now:

Start Researching: Begin by exploring local market trends and recent sales in your area that compare to your house. This will give you an idea of where your home stands in the market.

Interview Agents: Compile a list of three agents and interview each one. Ask them the same questions, review their marketing plans, and determine the best fit for your needs.

Declutter and Organize: Start decluttering and organizing your home by getting rid of unnecessary items. This is an essential step and the holiday season is a great time to donate quality items you no longer need.

Repair and Maintenance: Take care of any necessary repairs or maintenance tasks around the house. Fix leaky faucets, repair minor damages, and ensure everything is in proper working order.

Get a Pre-listing Inspection: Consider arranging a pre-listing inspection to identify any potential issues before listing your home. This proactive step can prevent surprises once you're under contract, something we've seen happen often."