Real Estate Results for 2010

In 2010, the Georgetown real estate market appears to have started to pull itself off the bottom. While the numbers are still down, the market is definitely finally moving upwards.

There were 215 homes sold in Georgetown in 2010. The mean price was $1,263,921.21. The median (which isn’t thrown off as much by a few large sales) was $995,000. Here’s how that compares to 2009:

2009 2010 Change
Homes Sold 199 215 8.04%
Mean Price $    1,374,447.13 $      1,263,921.21 -8.04%
Median Price $    1,050,000.00 $         995,000.00 -5.24%

So, activity was up in 2010, but the prices weren’t. (It’s just a crazy coincidence that the number of homes sold was up exactly even with the percent drop in mean price).

The more pressing question is how did sales prices fare compared with list prices. On that account 2010 was slightly better than 2009. The mean drop in price from list to sale for 2010 was $123,068.86, the median drop was $65,000. That compares with 2009’s numbers of $134,760.13 and $65,000 respectively. So the mean drop is down slightly and the median drop is exactly the same.

Here’s how the years compare graphically. Below are the two years with dots showing the price and date of every house sold.

2009:

2010:

In 2009, the price movement seemed to be on a steady downward slope. In 2010, that slope gradually changed directions, with more activity growing during the second half.

That gradual growth is reflected in this graph too. It charts the percent drop in price from list to sale for each house sold chronologically.

The green trendline’s direction is clear. It starts out the year at -10%, and finished around -5%. Whether that means homes values are increasing or simply that home sellers are lowering their list price is impossible to know (at least without data sources that GM doesn’t have). Either way, this graph shows a clear movement from a buyers market towards a sellers market. We’re not there yet, but we will be soon.

Last Data Points:

  • There was $271,743,060.00 worth of residential real estate sold in Georgetown last year (up 9.09% from last year)
  • The most expensive house sold was a condo in 3303 Water St.
  • Washington Fine Properties held on to their crown for most Georgetown properties sold (53)
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1 Comment

Filed under Real Estate

One response to “Real Estate Results for 2010

  1. RobRob

    It would be interesting to see the comparison of resale prices, too. You could look at year-by-year sales of the same properties (what was the resale price of a property that sold after 1 year vs a property that sold after 5 years, etc.) The data may not lend themselves to that, but it would probably give a sense of whether the bubble is being shed.

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