Friday, August 19, 2011

MRIS June Sales Report: Zip Code 20816

I wrap up my review of  June's closed sales by looking at zip code 20816 using data provided by MRIS and RBI. Bordered by the District line, the Potomac River, River Road, and Goldsboro Road, 20816 is home to the Glen Echo Heights and Glen Mar Park neighborhoods.

Twenty-nine units sold in 20816 in June 2011. Key points in June's data:
  • Aggregate dollar volume was down 30.13% over the same month in 2010. Unit sales were 23.68% lower.  The average price for a home fell 8.44%, the median price was down 4.99%. 
  • Houses accounted for 79.31% of units sold. All houses sold were detached houses.
  • No home was sold through a bank-mediated sale.
  • The average price for condos was $439,583 down 23.8%. The average price for a house was down 6.31%, to $938,676.
  • Condo sales prices ranged from $200-500K. Houses sold in the range $500K-2.5M; six houses sold for $1-2.5M, all having at least 4 bedrooms. 
  • More detached houses, 23, sold in June than during any of the previous 12 months. The median monthly sales rate for 20816 is 13 detached houses.
There were 57 active listings during June, 10 condos and 47 houses. The list prices for condos ranged $200-500K, with the median somewhere in the $300-399K price point. Of the 47 houses listed, 7 were priced $600-800K, the remainder ranged upwards to more than $5M; most were in the $800K-2.5M price range.

According to MRIS, properties in 20816 sold for 97.7% of the listing price. At June's sales rate, there's less than 2 months supply of condos and a 2 months supply of houses. A seller's market. As if to emphasize that point, the average days on market was 57 days in June, a 20% drop from the prior year.

Just as I said last week about 22207, zip code 20816 is a good area for those who want a detached house, but its high average sales price may be greater than many can accommodate. With the low inventories buyers should be prepared to move quickly if they find a house 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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