Friday, July 15, 2011

MRIS May Sales Report: Zip Code 22201

This week I look at May's closed sales for zip code 22201 using data provided by MRIS and RBI. 22201 is bordered by Arlington National Cemetery, Rosslyn, I-66, and Route 50. 22201 is home to the Clarendon and Courthouse neighborhoods.

Forty-four units sold in 22201 in May 2011. Key points in May's data:
  • Aggregate dollar volume was down 6.83% over the same month in 2010. Unit sales fell 13.73%.  The average price for a home rose 7.99% and the median price was down 6.19%. 
  • Condos dominated sales, accounting for 32 of the 44 units sold.
  • The number of condos sold declined 11.11% while unit sales for houses fell 20%.
  • Two of the 44 units sold were bank-mediated sales.
  • The average price for a condo was $438,289 and the average price for a house was $950,550.
  • The median price for the bank-mediated sales was $276,000.
There were 83 active listings during May, 46 condos and 37 houses. About half of the condos were listed between $300-600K, the houses were listed between $500K-2.5MM. According to MRIS, properties in 22201 sold for 97.5% of the listing price. During May 17 homes went under contract and 35 had contingent sale contracts. At May's sales rate, there's a 1.43 months supply of condos and a 3 months supply of houses. That's a tight market!

Condo sales have dominated the market in 22201 for the past 12 months. Buyers who want to buy a house in 22201 will have fewer options given its lower inventory of detached houses and their $1M+ price. Buyers who want the condo lifestyle will find that while condos are more prevalent in 22201, as long as inventory remains at current levels they'll have to move quickly should they find a condo they like. 

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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