Washington Real Estate Monthly Muse | by Nate Ward
A concise synopsis of the Washington DC real estate market
Buzz around the office
A term I've heard a lot of this month is "micro market." In Washington DC, a few blocks make a big difference. Despite the recent volatility of the broader economy, residential and commercial development has continued at a steady clip here in the Nation's Capital. As both housing options and commercial services steadily improve, thehottest micro markets within the city are constantly shifting and expanding. A large number of my buyer inquiries this month have been focused around three areas: Southwest,Columbia Heights, and the H Street Corridor. Not surprisingly, these are all neighborhoods that have benefited from major public and private investments in recent years.
Local Business Spotlight
Frozen Yo is awesome. There are few summer treats more satisfying than ice cream. Though technically they serve frozen yogurt, your more indulgent side won't be disappointed. You can self serve a dozen plus delicious flavors and then combine them with the option to add your own toppings. It’s a delicious way to discover your own culinary brilliance! Frozen Yo currently has locations near bothMetroCenterandColumbia Heightsmetro stops. So be sure stop in and enjoy. I guarantee you'll leave thinking two things. First, "This is awesome!" And second, "Why didn't I think of it??"
Washington DC Real Estate Trend Indicators
The number of homes sold inWashingtonDCin May 2010 was up 36.78 percent over the same month last year.The time properties sat on the market fell 33 days over last May, with the current average at 58 days on themarket. There were 3227 active listings inWashingtonDCin May 2010 and 585 of those properties went under contract. Average sales price this May was $487k; which is down $2k over last year's May's average.
Mortgage Rate News
Mortgage rates are still historically low and they've actually dropped some since last month. The rate on 30 year fixed mortgages fell from 5.00% on May 6th to 4.79% on June 3rd. The rate drop translates into a savings of $12.76 per month for every $100k you borrow over the life of the loan.
You probably wouldn't notice its size from the street, but this row house is massive! At a sprawling 3863 square feet, it has six bedrooms and four and a half baths spread across four full floors. It features a formal dining room with vaulted ceilings, two big porches, a sun room, and a three car garage! Wow. Check it out:(look for the link below ML# for the full listing): (link no longer active)
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