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October Sales

Last month, 33 single family homes settled within the broader Capitol Hill boundaries of H Street to the north, west of 14th St., and north of the SE/SW Freeway. Most of these sales resulted from September contracts; heavy with cash and willingness to make sellers happy about more than the weather.

The northeast side of The Hill saw a “beater” on Emerald escalate from $385k to $435k, in a skirmish amongst developers, as well as a newer home on 7th St., at Massachusetts, which sold for $1,604m in six days. Quite a contrast in values, but the vast majority of NE sales were between $600,000 and $800,000.

The southeast side of The Hill had 15 sales in October; averaging around $1m, and one whale of an escalation from $899k to $1,077m in the 300 block of 5th SE. That’s over 15% above list - much less common in the upper brackets than the middle or lower.

My take-away?

This was the last of the summer wine. There will be stragglers between now and late January, when we’ll then see if 2014 was a peak year. I believe sellers, particularly in further reaches of The Hill, will no longer be able to take multiple offers for granted; and buyers, who have far greater high-rise rental options than this time last year, will have more to choose from and more time to make decisions, but be careful buyers, we’ll need a little more inventory to tell if the market is truly turning.