Washington Real Estate Monthly Muse | by Nate Ward
A concise synopsis of the Washington DC real estate market
Buzz around the office
Mid summer is a slow time of year here in our nation’s capital. As July turns to August, the rush of political activity wanes and Congress looks towards summer recess. As of the official start on August 9th, it seems as if every last person in Congress, their entire staff, and most likely everyone that has anything to do with them has evacuated the city. Also gone are the droves of school children in matching t-shirts parading around the Mall.The fields earlier covered with masses of our nation’s youth in June are now being used by softball leagues. The games are occasionally interrupted by few sweat-soaked tourists. As you might imagine, real estate sales aren’t exactly popping this time of year either. All that said, the DC market continues to significantly outperform most parts of the country. Market activity is a bit slower than last year, but prices continue to rise. The price of the median single family home here in DC Metropolitan Area jumped 7.5 p ercent from last year. Compare that to less than 1 percent for the country as a whole, and we’re doing pretty darn well! My colleagues have been out in force getting out the message.
Local Business Spotlight
If Biergarten Haus were a haircut it would most definitely be a mullet. It is all business in the front and all party in the back. The pub and restaurant is new to the East end of the H Street Corridor and it’s quickly becoming a favorite among locals. Although it looks small and unassuming fromH Street, it has a whole lot to offer if you know where to look! Stepping inside, the unknowing patron could easily survey the scene at hand and miss the genius of this watering hole entirely. Walk past the claustrophobic first room and you’re on the precipice of one of the largest patios in the city! With no less than seven massive flat screens and seating for 120 plus, the patio at Biergarten Haus is huge! It’s an ideal place to go for a happy hour or to take in a ball game. At night they also have live music and the kitchen is open late. If that weren’t enough, their beer list and menu is quite extensive. To top it all off, if you want, they’ll serve your bee r German style – by the liter.
Washington DC Real Estate Trend Indicators
The number of homes sold in Washington DC in July 2010 was down 7.02 percent over the same month last year. The time properties sat on the market fell 26 days over last June, with the current average at 62 days on market. There were 3140 active listings in Washington DC in June 2010 and 600 of those properties went under contract. Average sales price this June was $551k; which is up $68k over last year's June's average.
Mortgage Rate News
Mortgage rates are historically low and have dropped for the third consecutive month. The rate on 30 year fixed mortgages fell from 4.57% on July 15th to 4.44% on August 12th. The rate drop translates into a savings of $7.72 per month for every $100k you borrow over the life of the loan.
Anyone who sells real estate on Capital Hill knows that proximity to the Capitol has a significant effect on value. That equation will continue to be skewed as public and private investment pours into the area. This listing is well position to take advantage of multiple investment projects. It is quintessential Capital Hill and features exposed brick, hardwood floors, parking, and has been updated throughout. Check it out:(link no longer active)
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