There are 77 properties tagged foreclosure on the market in DC on MRIS. For sale prices is allover the place under half-a-million. The price range of these properties go from the highest listed price at $499,900 and lowest at $80,000. With average price falls within the $200k level.
On the other hand, even though the number of short sale properties lower than foreclosures, on average short sale have higher average sale price. The high and low goes from $186,500 to $699,000 with average falls somewhere in the $337k range. The highest price tag for short sale is a property located in Dupont Circle.
Looks like many of the distressed properties on the market, have an average price range below FHA limits..
Here is the list of neighborhoods that have the highest number of foreclosures and short sale listing on the market.
|Old City #1||10||1||$80,000||$299,000|
What's been sold y-t-d
If we look at foreclosure data of what's been sold y-t-d here, you'd see that the highest price sold was a property which originally listed for $899,900. It was then sold for a whopping 60% off its original price! The property was a single home over at 14th St. NW.
On the other side of the price spectrum, the lowest price sold was $114,000 which was 30% off its original price. From the median side (where 50/50 properties sold priced over or below) the average is $299,000 which again off 10% of its original price.
So you see even on foreclosure side, it's trending down..
click on image for larger view
It is interesting to see the foreclosure and short sale trends. Somehow, it seems that the higher the price range, the lower number of properties foreclosed. Though, it doesn't mean that owners won't take the short sale route. On y-t-d base, some of the hoods that have 'active' listings on the market were also 'heavy' on foreclosures, with the exception of Columbia Heights and Eckington.