Georgetown Real Estate Market Rebounds Somewhat

Yesterday, GM reported on the continued gradual decline crime for Georgetown, today he talks about the rebound, as it were, in the the Georgetown real estate market last quarter.

Sixty-eight homes were sold in Georgetown last quarter. That’s a jump from the prior quarter’s measly 40. That’s hardly a high standard to beat. Perhaps a better comparison is to the second quarter of 2009. Even against those numbers, though, last quarter was an improvement.

Here’s how it breaks down:

• Total homes sold:
  • Q2 2009 – 55
  • Q2 2010 – 68
• Average price of home sold:
  • Q2 2009 – $1,300,792
  • Q2 2010 – $1,382,820
• Average price drop from list to sale:
  • Q2 2009 – 9%
  • Q2 2010 – 9%

Anecdotally, it seems that the market is still hurting. Short sales still occur and prices seem mired in 2005 numbers. So GM believes it’s still a buyers market in Georgetown, but the tide may be starting to turn.