From time to time we like to take a step back from posting individual listings and look at the Brookland Real Estate market as a whole. Recently, a couple of articles in Urban Turf, a DC area Real Estate website, caught our eye. The articles discuss the zip code 20017, which includes a big part of Brookland, Edgewood, and Michigan Park. To round things out, we caught up with Kymber Lovett-Menkiti, Director of Sales for the Menkiti Group; a Brookland based Real Estate Firm. We asked her about recent trends in the Brookand area. She told us that in Brookland, demand is high and supply is low.
“Just a quick look at the February 2013 numbers shows our average sold price up 39% (from 295K to 412K) in comparison to the same period last year while the active listings in the neighborhood are down 30% for this same period!”
This article in Urban Turf echoes that statement, with statistics that show that the amount of housing stock in 20017 has been relatively stable over the past 10 years; and although they show sales price increases over time, they are not as dramatic as Ms. Lovett-Menkiti’s.
Still, a more recent Urban Turf article lists 20017 as one of the top 5 DC zip codes where buyers are paying above list price. So chances are very high that if you are selling your home, you will sell at a higher price that you listed it for. This falls in line with what Lovett-Menkiti told us, asserting that she is seeing
“the return of multiple offers both for homes that need a complete rehab and those that are move-in ready.”
So what is next for the 20017 market? According to Urban Turf:
“The coming years may see an increase in the inventory of homes on the market in the zip code. Monroe Street Market, a $200 million project that will bring 718 residential units to the area, is currently under construction. 45 townhouses are planned for the project; compare that to the 64 townhouses sold in entire zip code last year.”
Lovett-Mekiti’s last word?
“Gone are the days of trying to explain to your friends that you are not going to Brooklyn in NYC, you are going just a few stops away on the red line to Brookland — Brookland real estate has been discovered by eager home buyers and investors throughout DC and beyond.”