Thursday, August 04, 2011

MRIS June Sales Report: Zip Code 20037

I begin August with June's closed sales for zip code 20037 using data provided by MRIS and RBI. 20037 is home to the West End and Foggy Bottom neighborhoods. You'll also find the Kennedy Center and the Watergate there. And at the corner of Rock Creek Parkway and Virginia Avenue NW, you can buy the most expensive gasoline in Washington, DC.

Twenty-three units sold in 20037 in June 2011. Key points in June's data:
  • Aggregate dollar volume was up 73.22% over the same month in 2010. Unit sales were 21.05% higher.  The average price for a home was up a whopping 43.1% and the median price was a more moderate 16.11% higher. 
  • Condos accounted for 92.08% of units sold. Condos rule!
  • The number of condos and houses sold was about the same as June 2010.
  • One unit was sold through a bank-mediated short sale for $455,000.
  • The average price for condos was $796,655, up 46.11%. Houses were up, although not as spectacularly, up 6.66%.
  • Condo sales prices ranged from $150K-5M. The two houses sold in the range $600-799K.
Let's not get too excited thinking that the condo market is making a tremendous rebound. Six of 21 condos sold for more than $1MM, including one that sold for between $2.5-5M. Obviously, these sales skewed all the average pricing metrics. Even so, a 16.11% bump in the median price isn't something to sneeze at. For those looking to buy a condo, the average price during the past twelve months for a studio has been $184,023, for a one bedroom unit $407,304, and for a two bedroom unit $932,172.

There were 146 active listings during June, 142 condos and 4 houses (did I mention condos rule here?). The listed prices for condos range $150K-5M, with the median somewhere in the $500-599K price point. Two of the four houses were listed for $600-800K and two were listed for $1-2.5M. During June, 12 homes went under contract and another 13 went under contingent contracts. According to MRIS, properties in 20037 sold for 93.8% of the listing price. At June's sales rate, there's 6.76 months supply of condos and a 2 months supply of houses. 

As a percentage of the District's June sales:
  • 20037's dollar volume was 4.78% of the District's June dollar volume. 
  • Its average price was 37.79% higher than the District average and its median price was 26.78% higher. 
  • Its unit sales were 3.47% of all units sold.
The data show that zip code 20037 is not a high volume zip code; during the past twelve months it's averaged 16 house and condo sales per month, wit the distribution of sales leaning heavily towards condos. The supply of many condos for sale at such a broad price range means there's probably something for anyone who wants a condo near the Kennedy Center, the State Department, or the bar at the Ritz-Carlton. 

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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