Home Price Watch: Petworth, Where Prices Are Up 23 Percent
In Home Price Watch this week we head up to Petworth, one of the country’s hottest markets for flipping houses, where home sales are still churning out profit for investors in 2015.
The median sales price, according to segmented data on the advertised Petworth subdivision from RealEstate Business Intelligence (RBI), rose 23 percent in the neighborhood year-over-year in the first quarter of 2015. That’s a jump from $435,000 to $534,000.
However, fewer homes sold, and those that did are staying on the market longer, when compared to the first quarter of 2014. The average time a listing spent on the market increased 30 percent, from 43 days in the same period last year to 56 days this year. And 10 percent fewer homes sold, down to 67 sales from 75 last year.
Here’s the rest of RBI’s first quarter data for the neighborhood:
A few other takeaways:
Sellers are still getting close to their asking price in the neighborhood. The average sold price to original list price ratio was at 98 percent last year and dropped to about 96 percent in the first quarter of 2015.
Most of the home sales in the first quarter of 2015 used conventional or FHA loans, an indication that investor activity in the neighborhood is slowing.
Though homes on average spent more time on the market this year than last, 33 percent sold in their first 10 days on the market.