Friday, July 01, 2011

MRIS May Sales Report: Zip Coe 20743

Today we look at May's closed sales in zip code 20743 using data provided by MRIS and RBI. Adjacent to 20019, 20743 is bounded by I-495 on the east, the District on the east, Pennsylvania Avenue / Walker Mill Rd on the south, and Cabin Branch Dr / Hill Rd / Central Avenue on the north. 20743 is home to the Capitol Heights, Coral Hills, Seat Pleasant, and Walker Mill neighborhoods.

Thirty seven units sold in 20743 in May 2011. Key points in May's data:
  • More than half of all sales in May were bank-mediated sales, with six short sales and 15 foreclosures.
  • In May 2010, 33 of 55 sales were short sales and foreclosures.
  • Aggregate dollar volume was down 50.95% over the same month in 2010. Unit sales fell 32.73%%.  The average and median prices for a home were lower, down 27.08% and 46.07%, respectively. 
  • No condos were sold in May. The average price for a house was $93,719.
  • The median price for the bank-mediated sales was $59,900.
  • No house sold for more than $300K.
At May's sales rate there's a 8.21 months supply of houses in 20743. There were only 8 active condo listings during May, all priced lower than $200K. None of the 304 houses with active listings is listed for more than $300K. According to MRIS, properties in 20743 sold for 81.8% of the listing price. Looking forward, 74 homes went under contract in May and another 33 had contingent sale contracts.

Given the high percentage of bank-mediated sales in 20743, the zip code presents buyers with opportunities and risks. There is a chance to buy a home in 20743 at an extremely low price, assuming a buyer is willing to undergo the bank-mediated sales process. However, the continued presence of bank-mediated sales in the market leaves the buyer open to the risk of further equity loss through price deterioration, as demonstrated in the May 2010 / May 2011 market data.  

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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