It’s been a while since GM did any deep analysis of Georgetown’s real estate market. But he’s been noticing the prices getting a little out of control recently, so he decided to see whether the stats backed up that observation. And they certainly do.
GM compared the first six months of this year to the first six months of last year (to capture to same annual cycles). And even considering that June isn’t even over yet, volume is up. Price is up too.
From January 1, 2012 to June 30, 2012, there were 94 properties sold in Georgetown. The average price was $1.39 million. But average prices for real estate, especially in Georgetown, can be easily skewed by a few extremely expensive homes. Looking instead to the far more meaningful median number, that was $1.01 million. Even more informative is that the average price per square foot was $689 (the median was only a shade lower at $670).
Now consider the last five and a half months. There were 106 properties sold. The average price was $1.43 million and the median was $1.08 million. The price per square foot was an average $721 (the median was $703).
So in each category the numbers are up. Not ear-splittingly up, but up nonetheless.
In case you’re interested, the most expensive home sold so far this year was 3044 O St., which sold for $8.6 million. As for the most expensive per square foot, that would be Herb Miller’s house, which sold for $7.55 million or $1,353 per square foot.