As 2009 draws to a close, GM has decided to take a look back at the Georgetown real estate market for the last year. After crunching the numbers, GM has reached the predictable conclusion that it wasn’t a good year for sellers.
There were 199 homes sold in Georgetown in 2009. The average/median listing price was $1,374,447.13/$1,050,000. The large disparity between the median and average prices reflects the fact that the Georgetown market has a handful of extremely expensive properties.
Of course the more interesting number is what the sales price was. Not surprisingly, it’s a lower number than the listing price. The average/median sales price was $1,251,778/$975,000.
According to GM’s math, the average family home in Georgetown sold for $134,760.13 less than the listing price, for a 8.52% drop. The median home sold for a $65,000 drop, representing an 8.92% decline.
Overall it appears that the strongest market segment in Georgetown is the below $1 million range. There were 103 homes such homes sold. The average home in that range was listed for $629,768 and sold for $587,705, a 6.68% drop. There were 71 homes sold for between $1 million and $2 million. The average home in that ranged dropped from a listing price of $1.48 million to a sales price of $1.32 million, a 10.67% decline. Finally, there were 25 homes sold for $2 million or more. And the average home in that range dropped from a listing price of $3.4 million to a sales price of $3.0 million, a 10.75% decline.
The lesson? If you’re looking to buy a home in Georgetown, right now you can expect to pay anywhere from 6 to 10 percent less than the first listing price.
Some more interesting numbers:
- $249,103,851 worth of real estate was sold in Georgetown this year.
- The highest priced property sold was a penthouse at the Ritz Carlton for $7,295,000.
- Washington Fine Properties took home the crown for most properties sold in Georgetown this year with 51.