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Petworth Home Auctioned Off

petworth_real_estate_auction_3264A Petworth home was auctioned off today for $461,000.  If you add in the 6% charged by the auction company the grand total becomes $488,650.  The home at 514 Quincy St NW has 4 bedroom and 2.5 baths.  The total square feet on this Petworth home is 2,562 including the basement square footage.  The property is 2 blocks from the Petworth metro station on the green line.  An agent in our office that attended the auction estimated that over 200 buyers viewed the home on this rainy and dark Wednesday afternoon.  The home needs a full renovation and the sales price would only make sense for an end user. Considering the cost of renovations, the sales price was well beyond what would make sense for a flip.  The auction left many real estate investors who were looking for a Petworth home empty handed.  The Petworth real estate market is on fire right now. Low interest rates, Petworth's proximity to downtown, the neighborhoods relatively large lots and historic homes, as well as a lack of inventory has pushed prices to never before seen levels.  The average sales price in the 20011 zip code was $422,152 in December.  The sales price was up 12.66% from December 2011.  The average days are market was 90 in 2011.  Today the days on market for the 20011 zip code is just of 50 days. In other words, the average days on market for Petworth has dropped 43.33% in the last year.

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