Sunday, July 24, 2011

MRIS June Sales Report: Zip Code 20010

This week I look at June's closed sales for zip code 20010 using data provided by MRIS and RBI. From west to east, 20010 stretches from Rock Creek Park to North Capitol St NW; on the north, it's bordered by Piney Branch Parkway / Quincy St NW / Rock Creek Church Rd NW and on the south by Irving St NW / Michigan Ave NW. 20010 is home to the Mount Pleasant neighborhood and the Washington Hospital Center.

Twenty-five units sold in 20010 in June 2011. Key points in June's data:
  • Aggregate dollar volume was down 37.87% over the same month in 2010. Unit sales were 35.9% lower.  The average price for a home fell 3.07%, but the median price was 7.14% higher. 
  • Houses accounted for about 2/3 of units sold.
  • The number of condos sold fell by half and unit sales for houses fell 23.81%. 
  • One unit sale was a bank-mediated sale.
  • The average price for a condo was up 31.06% to $416,367. The average price for a house was $501,062, down 20.38%.
  • The median price for the bank-mediated sale was $720,000.
There were 62 active listings during June, 42 condos and 20 houses. Few detached homes have sold in 20010 during the past twelve months, which implies that buyers' choices are limited to condos and attached houses. All but 7 condos were listed below $400K, the houses were listed between $150K-1MM. According to MRIS, properties in 20010 sold for 99.7% of the listing price! At June's sales rate, there's 4.6 months supply of condos and a 1.25 months supply of houses. Basically, make an offer if you like it the first time you see it because it'll be snatched up.

As a percentage of the District's June sales:
  • 20010's dollar volume was 3.09% of the District's June dollar volume. 
  • Its average price was 17.92% lower than the District average and its median price was 3.45% higher. 
  • Its unit sales were 3.77% of all units sold.
I don't think I've ever seen a zip code where the average selling price approached 100% of the list price. Given the low inventory and the pricing data provided by MRIS, it's possible that buyers will find they have little leverage at the bargaining table in today's pre-August 2 market.

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

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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