Market Update: Capitol Hill – July 2014
The average price per square foot of July home sales in Capitol Hill was at its highest dollar amount in well over 2 years at $400. This is a whopping 15.7% increase over sales in June and up a total of 26.8% over the previous year. The ratio of sales price to sellers’ asking price was up as well, with sellers receiving, on average offers at 102% of their list price. One interesting statistic to note, however, is that the average days on market of sold homes was up significantly, moving from 17 days in June to 57 in July. Was this an anomaly or could it mean we are starting to see some of that frenzy subside? We’ll have to wait to see if the trend continues.
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