DC Home and Condo Prices: MRIS February 2011 Sales Report: Zip Code 20020

Saturday, April 16, 2011

MRIS February 2011 Sales Report: Zip Code 20020

In this post I look at contracts closed in February 2011 in zip code 20020 using data released by MRIS. Zip code 20020 is home to the Anacostia, Naylor Gardens, and Fort Stanton neighborhoods. It's the home of Fort Stanton Park and will soon be the home of the new headquarters of the Department of Homeland Security (DHS) on the grounds of today's St. Elizabeth's hospital.

Twelve units sold in zip code 20020 in February 2011. Key points in February's data:

Compared to the same month in 2010, aggregate dollar volume was down 25.89%. The average sales price fell 25.89%, too, and the median sales price was 10.81% lower.
Two condos and ten homes sold in February. The average price for a home fell 14.96%; no condos were sold in February 2010. Dollar volume for homes fell 29.13%.
No home sold for more than $400K in 20020. The two condos sold in February went for less than $50K.

Zip code 20020's dollar volume in February 2011 was less than 1% of the District's total that month. Its average sales price was 70.54% less than that of the District as a whole; its median sales price, 63.33% less. Its 12 units were 3.25% of all units sold in the District.

At February's sales rate there's about a 14.4 months supply of homes and condos listed in 20020; more specifically, a 33 months supply for condos and 10.7 months for homes. According to MRIS' data, no condo is listed for more than $300K and only one home is listed for more than $500K. February's total sales activity (closed and new contracts) was the best since 2008. It's definitely a buyer's market - MRIS reports that properties sold for 81.47% of the listing price.

Given the price points I've mentioned and the imminent arrival of DHS' new headquarters at St. Elizabeths, far-sighted home buyers and investors are wise to consider properties in this zip code when making a purchase. As DHS consolidates workers today spread among more than 40 buildings throughout the area onto the DHS St. Elizabeth campus, demand for nearby housing and services is sure to soar.

My good friends at Urban Turf published a version of this post a few days ago on their site.

Detailed Data for the Month

Average Sales Price