Monday, May 07, 2007

Condo Sales: Anything under $250,000?

A few weeks ago, "Mom in Indiana" wanted to know whether it's possible for her son to buy a 2/2 condo in the DC area for around $275,000; I thought not. Another person asked about condos in the $250,000 price range. So I decided to do some research on condo sales in the District to see what percentage were sold for $250,000 or less.

It turns out that of the 9707 sales recorded by the District in the period 1/1/2006 - 1/31/2007, 4833 were condos, or 49.8%. Of those, 1046 were sold for $250,000 or less. In other words, condos costing $250,000 or less comprised about 10.8% of all sales made in the District.

A quick glance at MLS shows that right now slightly more than 400 condos are being offered for sale for $250,000 or less. The tables below show my analysis of sales made through 1/31/2007. Unfortunately, I don't have all the data [or the database skills] I need to tell which are studios or one - or two-bedroom units.

Sales by Zip Code by Quadrant

My first cut at the data was to see sales by zip code by quadrant. I wanted to see whether any one quadrant dominated the market. NW and SE DC dominate sales, with zip codes 20019, 20020, and 20032 comprising 47.7% of sales.

Sales by Zip Code by Ward

I then looked to see which Wards led sales. Given what I found above, it shouldn't be too surprising to see that Wards 7 and 8 led sales in the price range.

Top Ten Clusters of Sales

So where are the condos costing $250,000 or less? All properties in DC are located on squares, which are then subdivided into lots. I ran a report on all condos sold during the period in the District, counting sales by square. I then identified the top ten squares in the District, which is detailed in the table below. These ten squares accounted for 292 condos that sold for $250,000 or less, about 27.9% of all condos sold in that price range in the period. Seven of the squares are located in SE DC, with one in NW DC and two in NE DC. Often the high ranking is because of the sales in one condo building, such as square 6164, the location of Brandywine Crossing, that recently "delivered" its units.


Eileen said...

Looking quickly through the MLS listings, some of the places listed are coops -- there's a 1 bedroom for $245K in the Westchester (the one on Cathedral), which I know is a coop, a couple of places in Glover Park which look like coops, and 5410 Connecticut, which I know is a coop. Coop prices sometimes are lower than condo prices, although fees can be much higher. The Westchester is a beautiful building, although units vary; 5410 Conn. is kind of funky fun -- I almost bought there when I was looking. Depends on what you're looking for.

Anonymous said...

Thanks so much for this post!

dewita said...

I wrote a post about what you can get in DC under $300K. I was surprised too that there are soooo many properties on the market under $300K. It's that bargain hunting season...:)