Friday, August 12, 2011

MRIS June Sales Report: Zip Code 22207

This week I look at June's closed sales for zip code 22207 using data provided by MRIS and RBI. Roughly squeezed in between the Potomac River and I-66, 22207 is above and adjacent to zip code 22201, which I analyzed a few weeks ago.  It's home to the Old Glebe, Bellevue Forest, Yorktown, and Cherrydale neighborhoods.


Fifty-three units sold in 22207 in June 2011. Key points in June's data:
  • Aggregate dollar volume was down 8.66% over the same month in 2010. Unit sales were 5.36% lower.  The average price for a home fell 3.49%, the median price was up 3.87%. 
  • Houses accounted for 96.23% of units sold.
  • No home was sold through a bank-mediated sale.
  • The average price for condos was $310,000, up 31.91%. The average price for a house was down 2.39%, to $868,362.
  • Condo sales prices ranged from $200-400K. All but six houses sold in the range $600K-2.5M. Sixteen houses sold for $1-2.5M, all but one having at least 4 bedrooms. 
  • More detached houses, 48, sold in June than during any of the previous 12 months. The median monthly sales rate for 22207 is 30 detached houses.
There were 134 active listings during June, 14 condos and 120 houses. The listed prices for condos range $150-600K, with the median somewhere in the $200-299K price point. Of the 120 houses listed, only 16 were priced below $600K and 55 were priced between $1-5M.

Last June's market was the most active June since June 2007. In addition to the 53 contracts that closed, 31 homes went under contract and another 40 homes went under contingent contracts. According to MRIS, properties in 22207 sold for 96.6% of the listing price. At June's sales rate and assuming the S&P downgrade of US sovereign debt has zero effect on the real estate market, there's a 7 months supply of condos and a 2.35 months supply of houses.  

The data show that zip code 22207 is a good area for those who want a detached house, but its high average sales price may be greater than many can accommodate. And as with many other zip codes I've looked at over the past few months, given 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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