First the good news: this spring, Georgetown had a mini real estate bubble. Now the bad news: like all bubbles, it popped. Hard. And it wasn’t a widely experienced bubble anyway. Check out the chart of average price per square foot over the last 12 months (in red) with the listing prices (in blue):
There appears to have been a run up in listing prices over the winter, which in turn drove up the average price of the sales. However, in spring the listing prices plummeted about 16%, and the sales prices fell even harder at 21% down, and dropping fast.
But did that uptick even represent a boom, or did it just mean only the expensive homes were being listed and sold? The overall volume numbers seem to indicate that that may have been the case:
So it appears that after a brief thaw in the sales of more expensive homes, the Georgetown market has continued its downward march in volume and price. GM has noticed that homes on his block have been selling at 2003 prices. Have you noticed the same?