Real estate activity in Old Town in the first half of 2016 (for non-condo properties) was strong with properties selling faster and for slightly higher prices. The highest sale was $3.7 million at 201 Lee Street and the lowest was $372,500 in the Southwest quadrant at 1014 Prince Street #4. The percentage of sale to list price remains high, with sellers in the Northwest quadrant and the Potomac North area getting 99% of their list price. Southeast quadrant sellers received 97%, reflecting the overall higher prices there.
The most active quadrant was the Northwest quadrant, with 79 sales in the first half of the year. Half of those listings sold in under 18 days. In the Southwest quadrant, the days on market was the lowest at 28 days, with a median of eight days — meaning half of those listings went under contract in less than eight days. It took an average of 73 days to sell in the Southeast quadrant which reflects its higher list prices — the average sales price of a Southeast quadrant home was $1,092,666.
Overall, the first half of 2016 proved to be a solid market for real estate in Old Town. If you’d like a more detailed report of activity in your area, please contact us. We are always happy to discuss the current market and what may work for you.