Eckington By The Numbers || Weekend 03.17.2024
Happy Sunday!
As we delve into this week's activity in Eckington, we've noted a slight increase in active listings, rising from 25 to 30, accompanied by a total of 7 closings in the last 30 days. From 1/1/23 to 3/17/23, 22 homes had closed in Eckington, while in the same period this year, we've closed 15 homes in Eckington. This beginning feels reminiscent of 2023 in DC to me. Homes that are priced appropriately and offer good quality are swiftly moving to closing. Despite a somewhat sluggish condo market, well-positioned units eventually find buyers. A good success story on pricing: 134 R Street NE sold in just 4 days on the market. If you look at the home's pricing compared to similar size homes, it was priced perfectly to attract immediate offers. In a market with some headwinds, that's how to move a property quickly.
At bit about rates. As of Friday, March 15 2024, the current average interest rate for a 30-year fixed mortgage is 7.09%. *We source this data from Mortgage News Daily.
- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE // CLICK HERE
Eckington By The Numbers || Weekend 02.10.2024
Happy Super Bowl Sunday!
As we delve into this week's activity in Eckington, we've noticed a slight increase in active listings from 21 to 22, coupled with a total of 4 closings in the last 30 days. While it may feel premature, experience tells us that the week following Super Bowl Sunday often signals the beginning of the spring real estate market for us in the DMV.
Why is that, you might wonder? Well, it's simple. Many prospective sellers prefer not to enter the market on game day or even over the weekend, opting to hold off until afterwards. Plus, after the holiday season, we're all slowly emerging from our festive stupor. Now is the time when homeowners begin to focus on preparing their properties for sale, initiating conversations with their agents, and tackling necessary tasks.
Currently, we're actively assisting 4 clients in preparing their homes for listing, coordinating interior paint, and minor repairs. These things take time. It's worth contemplating – by March, thoughts will turn to spring yard clean-ups, and before we know it, we'll be enjoying the first hints of shorts weather.
Remember, it's never too early to kickstart the process. The sooner you dive in, the less stress it creates, and the better your home will present to the market. This leaves you plenty of time to nail it on marketing, including video, floor plans, and picking the perfect listing launch date. That should translate into a higher sales price for you.
At bit about rates. As of Friday, February 9, 2024, the current average interest rate for a 30-year fixed mortgage is 6.98%. *We source this data from Mortgage News Daily.
- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE // CLICK HERE
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.
