Sunday, August 28, 2011

MRIS July Sales Report: Zip Code 20024

I begin my analyses of July's sales by looking at zip code 20024 using data provided by MRIS and RBI. 20024 is roughly bordered by the Potomac and Anacostia Rivers, South Capitol St, and Independence Avenue. It's home to many of our nation's memorials and parks as well as the Southwest and Waterfront neighborhood. You can find the memorial to the Titanic here [did you know such a memorial was located in DC?] and Arena Stage.


Seventeen units sold in 20024 in July 2011. Key points in July's data:
  • Aggregate dollar volume was up 70.3% over the same month in 2010. Unit sales were 88.89% higher.  The average price for a home fell 8.44%, the median price was down 4.99%. 
  • No houses were sold during July.
  • No homes were sold as a bank-mediated sale.
  • The average price for condos was $302,641, up 5.33%.
  • Condo sales prices ranged from $50-500K, with one condo selling for $800K-1M.
  • For the past twelve months, condos have dominated sales in 20024, averaging 12 condos and 1 house sold per month.
There were 60 active listings during July, 56 condos and 4 houses. The list prices for condos ranged $100-600K, with more than half in the $200-400K price point. One condo was listed for $800K-1M.

20024 represented 1.48% of July's dollar volume in the District. Its average price was 49.05% less than the District's, its median price 41.69% lower. 20024's unit sales were 2.91% of all sales in the District in July. According to MRIS, properties in 20024 sold for 88.6% of the listing price. At July's sales rate, there's a 3.3 months supply of condos. A healthy market for sellers.

Zip code 20024 offers close proximity to many of the Federal government's offices and the waterfront lifestyle is appealing, too. A lot of development has been happening in the area thanks to the new-ish Nationals Park. But this probably isn't the area for you if you want a detached home. Otherwise, its affordable condo prices [relative to the District as a whole] make it an area worth considering when shopping for a condo.

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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