Friday, November 25, 2011

MRIS October Sales Report: Zip Code 20009

Well, it's been a while since I posted a zip code sales analysis. And now I'm back! But a few things have changed. I've revamped the data table based on your feedback. You'll see three major changes going forward:
  1. I now provide sales information for the last three months of the current and prior year, e.g., August - October 2010 and 2011. Some readers didn't think data for one month provided sufficient insight into sales trends in a given zip code. 
  2. Some folks had a problem with 2011 being the left-most column so to appease them I moved it to the right. 
  3. Finally, I've combined the data into one table. Frankly, that makes my job easier.
I'll probably be adjusting the table over the next few weeks. Your suggestions for improvements are welcomed.

Today I analyze October's sales for zip code 20009 using data provided by MRIS and RBI. Forty-seven units sold in 20009 in October 2011. Key points in October's data:
  • Total unit sales were 9.62% lower.  The average price for a home fell 22.9% and the median price was 16.21% lower. 
  • Eight houses were sold for an average price of $796,125, down 16.8%. Thirty-nine condos were sold for an average price of $402,850, down 11.44%.
  • There were 208 active listings during October: 183 condos and 25 houses. More than half of the condos listed were priced $200-499K and most of the houses were listed at $500K or higher.
According to MRIS, properties in 20009 sold for 94.8% of the listing price, a slight dip from October 2010. At October's sales rate, there's a 4.69 months supply of condos and a 3.13 months supply of houses. In fact, inventory has been tight for the past three months for condos and houses.

Overall, homes are selling quickly in 20009 - the average days on market fell to 62 days, down almost 13% from October 2010. Looking ahead, 48 homes went under contract in October and another 45 went under a contingent contract.

Based on the sales data, 20009 is a seller's market. Properties appear to move quickly, but there appears to be some wiggle room on prices. The good news for condo buyers is that prices are relatively affordable [for DC] and supply is high enough to offer choices.

My good friends at Urban Turf published a version of this post on their site a few days ago.