The three garden-style condo communities of Rock Creek Gardens, Rock Creek Commons, and Rock Creek Village feature a variety of floorplans including studios, 1 bedroom, 2 bedroom, lofted units, and duplexes. Looking purely at the average price per square foot of the three communities, we saw values come down from 2015 by approximately 2.17%.
That said, if we to take a closer look at the data and compare values based on unit type, we found the following trends:
- Lofts: Sales of lofted units in 2016 had an average price of $271.12/square foot compared to $260.77 in 2015, which is nearly 4% appreciation. The highest selling loft in 2016 was a
- Two Bedrooms Flats: While the average price per square foot of single-level, two-bedroom units dropped by nearly 4.5% in 2016 ($317/sq foot in 2015 compared to $290/sq foot in 2016), there was an upward trend in values throughout the year with the last closed sale at $265,000 on September 16th, 2016 at $304/square foot.
- One Bedroom Flats: Nearly 4x as many one bedroom units sold in 2016 compared to 2015. With just 3 sales in 2015, there were 11 sales of one-bedroom units in 2016. The average price per square foot for one bedrooms dropped from $317 to $290 between the two years, an 8% drop. It’s quite possible the increase in inventory resulted in the lower sales prices. Similar to the two-bedroom flat sales, there was an upward trend for one-bedroom units where we saw two sell for $219k and $212k in the last quarter of 2016 bringing us back to values more consistent with 2015.
Because we’re not looking at a huge set of data between the communities, its important to note that in 2016, there were several sales that exceeded the previous year’s average sales prices meaning that buyers are still willing to pay top dollar for condominiums at Rock Creek.
This is why it’s paramount to invest in preparing your condo for the market. A fresh coat of paint and new carpet go a long way as well as de-cluttering and staging. Owners that made an effort to make these modest changes before going on the market, reaped the benefits, consistently seeing a higher sales price per square foot. Not only do these efforts result in higher sales prices but they also reduce the number of days you can expect to be on the market before receiving an offer.
If you’re considering selling your home at Rock Creek, contact Mark for a complimentary consultation on how to get top dollar for your unit.
