Note that the first DC property listed below by Urban Turf is a Truxton Circle rowhouse.
Best Signs of DC’s Hot Housing Market: Above Asking and Multiple Bids
by UrbanTurf Staff
December 16, 2013
UrbanTurf usually stays away from publishing rankings or lists…except at the end of the year when we look back at the best that DC’s real estate scene had to offer during the previous 12 months. So, this whole week, we will be looking at not only the best, but the most intriguing and peculiar things that came across our radar over the course of 2013.
For years, one of the most popular articles on UrbanTurf has been Deal of the Week. Anything that implies a bargain gets a reader’s attention, particularly when it comes to real estate.
Due to the scorching nature of the DC area housing market in 2013, however, we had to shelve that series in favor of a couple articles that were more in line with the climate of the market.
Above Asking started when it became clear that the competitive nature of the market meant that virtually any attractive, reasonably-priced home on the market would garner the attention of several buyers and the asking price would be pushed northward. In six DC zip codes, homes sold on average for above their listing price for the entire calendar year.
To complement Above Asking, we also started Multiple Bids, a counterpoint to Deal of the Week in which we picked out homes on the market that we felt would result in a number of buyers making offers.
Here are some of the more noteworthy examples of how the two article series intersected this year:
This Truxton Circle row house was listed for $529,900 and sold for $706,200, $176,000 above asking.
This five-level Columbia Heights Victorian was listed for $899,000 and sold for well over $1 million.
A four-bedroom rowhouse on Hobart Street in Mount Pleasant was listed for $849,000 and ultimately sold for $151,000 more.
Fans of Deal of the Week, fear not. Look for the series to return next year as the market cools from the very hot streak that it has been on.