Friday, March 04, 2011

MRIS January Sales Report: Zip Code 20002

I wrote this sales analysis for my good friends at Urban Turf, who published a more polished version a few days ago on their site.

In this post, I look at January sales recorded for DC zip code 20002 using data released by MRIS. That zip code is roughly bordered by East Capitol Street on the south, North Capitol Street on the west, the Anacostia River on the east, and New York Avenue NE on the north. A wide variety of neighborhoods are encompassed within those borders: Bloomingdale, Capitol Hill, Eckington, Trinidad, and Gallaudet University. The hot H Street NE corridor is in this zip code, too, so I'm sure a lot of residents, wanna-be residents, and developers are interested in how the market's performing.

Forty-five units sold in zip code 20002 in January 2011. Key points in January's data:
  • YoY, aggregate dollar volume rose 54.7% and the number of units sold inched up 15.38%. The aggregate average sales price was up a healthy 34.07% and the median sales price was 40.61% higher.
  • Condos are a mere blip in the 20002 housing market. In January, they accounted for 4 of the 45 units sold, translating into a little more than  4% of the dollar volume. The number of condos sold in January 2011 was about half that of January 2010. The average price for a condo was down by almost a third, down 29.56%.
  • Homes had a good month. Three bedroom homes dominated the market, representing slightly more than half of all homes sold. YoY, dollar volume almost doubled, up 81.02%. Unit sales were up 32.26%% and the average price rose 36.87%.
  • No condo sold for more than $400K (!) and one home sold for $1MM-2.49MM. All told, 15 homes sold for more than $500K.
In January, zip code 20002 represented 11.14% of DC's dollar volume and 11.81% of unit sales, metrics close to that of zip code 20009. In comparison to the District as a whole, its average price was 5.69% less and its median price was 11.99% higher. I suspect that if the $1MM-2.49MM home were excluded from the mix, the average / median prices for 20002 would be much lower.

At January's sales rate there's a 14.3 months supply of condos and 3.44 months supply for houses listed in 20002. A seller's marketing for those with homes.

When you look at the MRIS data, overall January 2011 sales activity [contracts closed, homes under contract, homes with contingent contracts] is not significantly different from that of January 2010 except that the number of contingent contracts is much higher: 57 versus 37

If I were to characterize 20002 based on this data, I'd say it's a zip code where homes, not condos, dominate the market and average prices are lower than that of the District as a whole. In particular, attached homes (e.g., rowhouses) dominate unit sales and have experienced huge increases in dollar volume and average sales prices, with average prices for 2 bedroom and 4 bedroom homes increasing more than 100% compared to January 2010. That being the case, anyone buying in 20002 should understand that with homes selling fast and prices increasing, they have to move fast when they find the right home.  

Detailed Data
Average Sales Price

Dollar Volume

Transaction Volume


Unknown said...

I am very encouraged to see that there are parts of the country with strong sales numbers. Things are still lackluster out here on the west coast (Portland). Thanks,
Brian Porter

Anonymous said...

Doesn't this methodology do more to over represent any variance due to the limited sample size?

It seems like we should take this with a grain of salt especially when 20002 was one of the DC zip codes where values actually declined for 2010.