This post is not a plug for Long and Foster and some of the tactics that real estate agents resort to to get the buying and selling public’s attention amuse this author, but some interesting statistics are out in Internetland and we’d like to point to a nice summary we found. The market continued to decelerate throughout 2006 and PQ Resident expects a flattening off in 2007. The summary stats shown below are broken down by the eleven condo buildings in our neighborhood here:
The total number of units sold in Penn Quarter this past year was 105. The days on market averaged 43.04.
– A total of 2 – THREE bedrooms sold. The average days on market was 34.50. The average sold price was $820,000.
– A total of 29 – TWO bedrooms sold. The average days on market was 59.76. The average sold price was $632,552.
– A total of 67 – ONE bedrooms sold. The average days on market was 37.56. The average sold price was $424,037.
– A total of 7 – efficiencies sold. The average days on market was 37. The average sold price was $292,030.
Sellers should remember that the sales commission a realtor wants to charge is negotiable. Buyers should remember that an agent pushing a specific property for sale may be getting an extra bonus or higher commission for that property, however, they may not have a fiduciary obligation to disclose that to you unless you ask. Ask lots of questions and negotiate…look before you jump and you’ll do fine.