from THE HATFIELD WEIR GALE TEAM

June 2022

It’s a Busy Market

Low inventory and high demand continue to bolster a strong market for sellers in the Washington, D.C. area. Home prices continue to rise, although at a slower pace compared to 2021.  The likelihood of a bidding war driving up the sales price is cooling in other parts of the U.S., but continues in the Washington D.C. luxury market. 

The Hatfield Weir Gale Team has decades of experience, and we’re skilled in preparing and introducing properties to the market, adept at negotiating transactions, and caring and sensitive in our work with clients.  We’re local real estate professionals who know your target market.  

Give us a call at 202-243-1635 or send us an email at team@hatfieldweir.com for a valuation of the residential property you’re ready to sell.

Market Indicators

Year to Date Averages as of June 1, 2022

Maryland

(20814, 20815, 20816, 20817)

Single family homes

Average Sales Price: $1,458,935

Percentage of List Price: 106%

Days on Market: 13

Condominiums and Co-Ops

Average Sales Price: $504,061

Percentage of List Price: 98%

Days on Market: 50

Washington, D.C.

(20007, 20008, 20015, 20016)

Single family homes

Average Sales Price: $1,882,422

Percentage of List Price: 106%

Days on Market: 16

Condominiums and Co-Ops

Average Sales Price: $434,367

Percentage of List Price: 99%

Days on Market: 42

Redeveloping: Commercial to Residential

Even with the beginning of the pandemic now behind us, more people are working remotely, resulting in higher vacancy rates for office and commercial properties. Many cities are looking to repurpose office space to private homes, and investors are diversifying central business districts to residential as a way to reduce risk exposure to continued changes in work trends.

Most office-to-residential conversions in the Washington area have been for higher-end units. When The Wray opened in Foggy Bottom in May 2021, it was one of the buzziest real estate projects of the year.

The District of Columbia Government evaluated the likelihood of commercial to residential conversions and found that adding more housing downtown is a good opportunity with high vacancy rates for commercial space, low vacancy rates for multifamily housing, and growing residential housing prices.

Cleaning Your Closet?

Donate Your Clothing!

Are you a Marie Kondo devotee? Have you reorganized your closet or are you preparing your home for this hot seller’s market?   Whatever your reason, do you need some ideas for putting new life into the clothing you’re not wearing?  

Donating those clothes is an ideal way to give back to our community. Click here for a list of worthy charities that will make good use of the vintage fashions you no longer need.

In The News

2022 Michelin Stars for Washington!

The Michelin Star Dining Guide started in 1900 with ratings for fine dining establishments by the founders of the French tire company. The guide, which included maps to the best eateries in France, was created to encourage the use of automobiles (and Michelin tires) to travel to the esteemed Michelin Star restaurants.  As car travel became the standard, the ratings grew from one star to three, and began to include restaurants worldwide.  

The Washington, D.C. area has been included in the Michelin Guide since 2016.  In the sixth edition of the D.C. guide, anonymous inspectors added four new one-star Michelin restaurants: Albi, Oyster Oyster, Reverie, and Imperfecto.  

Get the skinny on all of Washington’s 24 Michelin Star restaurants  here.

How To Rent a Boat in D.C.

Looking for a cool adventure on the water?  

Float DC, Get My Boat, and Boatsetter all rent powerboats in Washington by the hour.  Safety courses and certifications are required, and most can be accessed free-of-charge online. Click here for more information.

Design Trends:

Fresh Ideas to Ready Your Home for Summer

From changing out throw pillows to filling your vases with greenery to rolling up the rugs, there are a number of ways to dress your home for summertime.  Read more here to learn about ways design experts create a light and fresh environment for longer, warmer days.

Ten Steps to Lower

Your Carbon Footprint

It’s clear that climate action needs to happen at an institutional level, however you alone can make small changes to contribute to keeping our planet inhabitable.  With that in mind, here are 10 places to start now.  Click here for a more information about CLIMATE READY DC, a plan to adapt to a changing climate in Washington.  

Featured Listings

4917 Butterworth Place NW

American University Park

$1,475,000

Click here for virtual tour

Call us at 202-297-0169 for more information.

3612 Massachusetts Avenue NW

Observatory Circle

$4,995,000

Click here for a virtual tour.

Call us at 202-297-0169 to make an appointment.

We’re here for you!

The Hatfield Weir Gale Team of Washington Fine Properties consists of four dynamic agents. Our team approach allows for unrivaled client coverage. We are consistently ranked by Washingtonian as one of the top teams in Washington, D.C., and by Real Trends as one of the top teams in America.

Have a question or concern?

Email us at team@hatfieldweir.com,

or give us a call.

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