Friday, April 29, 2011

MRIS March 2011 Sales Report: Zip Code 20005

In this post I look at contracts closed in March 2011 in zip code 20005 using data released by MRIS. 20005 is roughly bounded by Q St NW on the north, F St NW on the south, 11th St NW on the east, and 16th St NW on the west. It's home to the Logan Circle and Thomas Circle neighborhoods. Given its pivotal role in rejuvenating the area, one could say it's the neighborhood that Whole Foods built.

Eleven units sold in zip code 20005 in March 2011. Key points in March's data:
  • Compared to the same month in 2010, aggregate dollar volume was down 13.6%. The average sales price rose 41.39% and the median sales price was up 30.59%.
  • The average price for a condo rose 36.72%. No homes were sold in March. Few homes have sold in 20005 during the past 12 months so the fact that none sold in March isn't that unusual.
  • The 11 condos sold for prices between $200K-2.5MM. The one condo that sold for $1-2.5MM probably skewed all the metrics reported in this post.
  • Unit sales for condos fell by 35.29% resulting in a 11.53% reduction in dollar volume. 
Zip code 20005's dollar volume in March 2011 was 2.32% of the District's total that month. Its average sales price was 16.64% higher than that of the District as a whole; the median sales price, 37.55% higher. The zip code's 11 units were 1.99% of all units sold in the District.

At March's sales rate there's a 4 months supply of homes and condos listed in 20005; there's a 3.5 months supply for condos. Since no homes sold in March and few sold during the past 12 months, it's difficult to quantify the months supply for homes based on sales other than to say 5 homes were listed in March. Regardless, sellers should do well. According to MRIS, properties in 20005 sold for 97% of the listing price.

Zip code 20005 offers slim picking for those who want to buy something other than a condo - 95% of all units sold in the past year were condos. Given the paucity of non-condos sold in the zip code, I have to believe anyone who does buy a home [not a condo] in the area should be aware of potential comparable sales that could be used in the mortgage appraisal process.     

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
Dollar Volume
Transaction Volume

Monthly Data for the Past Year (by Housing Type)
Units Sold
Median Sales Price
Average Sales Price
Average Sales Price by Number of Bedrooms

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