With the government shutdown in the rearview mirror, we were curious how the market fared in February. And it probably won’t surprise you that, since all real estate is local, there were some considerable differences.
Just one example: in Kalorama and Georgetown, the market was a little softer than this same time last year. There was a little more inventory and little less contract activity, but absorption rates remained squarely in the “balanced market” stage. In fact, the inventory of available homes on the market crept up all over DC and suburban Maryland while contract activity was pretty stable.
On the other side of the river in Northern Virginia, we saw a very different dynamic. Absorption rates in most areas rose compared to last February. At a quick glance, that would seem to indicate an improving market. But that’s not the whole story. While inventory was rising in DC and Maryland, it has actually been falling in the Virginia suburbs so there were simply fewer homes for the market to “absorb.” So absorption rates rose despite fairly flat contract activity.
The takeaway is simply this: every market is different and if you’d like to know more about how things are in your neighborhood, we encourage you to call your favorite McEnearney Associate and we’ll give you an in-depth analysis.
For reference, below you’ll find how we segment the market based on absorption rates. And if you want to know more about up-to-date market conditions in your neighborhood, we hope you’ll give us a call.
Listed by Nora Burke, DC Office | 202-494-1906
Perched atop Rock Creek Park, 84 Kalorama Circle offers sweeping views of the park and Taft Bridge. An elegant European-style home with four finished levels, featuring over 6000 sf of gracious living space, embassy sized rooms on the first floor and spacious living quarters upstairs. Built in 1925, the interior of this property has high ceilings & exquisite architectural detailing. An elevator services the garage, 1st and 2nd floors. The first floor includes double living room with four sets of french doors to patio, fireplace with original marble mantle and ornate moldings, large formal dining room features floor to ceiling windows, fireplace and 10+ ft ceilings; the kitchen has been renovated and includes 2 Bosch dishwashers, three sinks, warming oven, Viking double oven, five burner gas stove, SubZero side-by-side refrigerator, wet-bar with ice-maker, triple tier pot rack, and ample cabinet space, elevator access. Off the kitchen, there is a south-facing circular breakfast room flooded with light, marble floors and patio door for al fresco dining. Step outside to patio with a brick wall for privacy, cocktail pool with seating space for outdoor entertaining, extensive outdoor lighting throughout the front, side and back patio areas. The Second floor includes 2 master bedrooms. The first master bedroom suite includes a Juliet balcony, fireplace, crown molding, and wood floors. Renovated marble bathroom with deep soaking tub in master bath. Walk-in dressing room with 2 walk-in closets & private south facing balcony to enjoy your morning coffee. Similar amenities in the second master suite, tucked in the hallway is a wet bar with refrigerator and sink. The Third floor features a Family room (or bedroom) with 2 large/deep closets, treetop views of Rock Creek Park and Taft Bridge, and adjoining Office with built-ins and shelving. Hall bathroom with half moon window, original subway tile on walls, original hexagon floor tile, and original tub. Also a 2nd hall bath, renovated with shower stall, a Bedroom with fireplace and large closet, and second bedroom with window seats and walk-in closet. Basement level features heated two car Garage with elevator access and storage space, utility room, pool equipment room, laundry room, large walk-in cedar closet, powder room, wall of under-stair closets, an open area perfect for ping pong, pool table or game room.