Friday, April 29, 2011

MRIS March 2011 Sales Report: Zip Code 20005

In this post I look at contracts closed in March 2011 in zip code 20005 using data released by MRIS. 20005 is roughly bounded by Q St NW on the north, F St NW on the south, 11th St NW on the east, and 16th St NW on the west. It's home to the Logan Circle and Thomas Circle neighborhoods. Given its pivotal role in rejuvenating the area, one could say it's the neighborhood that Whole Foods built.


Eleven units sold in zip code 20005 in March 2011. Key points in March's data:
  • Compared to the same month in 2010, aggregate dollar volume was down 13.6%. The average sales price rose 41.39% and the median sales price was up 30.59%.
  • The average price for a condo rose 36.72%. No homes were sold in March. Few homes have sold in 20005 during the past 12 months so the fact that none sold in March isn't that unusual.
  • The 11 condos sold for prices between $200K-2.5MM. The one condo that sold for $1-2.5MM probably skewed all the metrics reported in this post.
  • Unit sales for condos fell by 35.29% resulting in a 11.53% reduction in dollar volume. 
Zip code 20005's dollar volume in March 2011 was 2.32% of the District's total that month. Its average sales price was 16.64% higher than that of the District as a whole; the median sales price, 37.55% higher. The zip code's 11 units were 1.99% of all units sold in the District.

At March's sales rate there's a 4 months supply of homes and condos listed in 20005; there's a 3.5 months supply for condos. Since no homes sold in March and few sold during the past 12 months, it's difficult to quantify the months supply for homes based on sales other than to say 5 homes were listed in March. Regardless, sellers should do well. According to MRIS, properties in 20005 sold for 97% of the listing price.

Zip code 20005 offers slim picking for those who want to buy something other than a condo - 95% of all units sold in the past year were condos. Given the paucity of non-condos sold in the zip code, I have to believe anyone who does buy a home [not a condo] in the area should be aware of potential comparable sales that could be used in the mortgage appraisal process.     

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

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

Saturday, April 23, 2011

MRIS March 2011 Sales Report: Zip Code 20008

In this post I look at contracts closed in March 2011 in zip code 20008 using data released by MRIS. With Connecticut Avenue NW as its spine, zip code 20008 is home to the Kalorama Heights, Woodley Park, Cleveland Park, and Forest Hills neighborhoods. Since it includes the Naval Observatory, Vice President Biden calls 20008 his "home away from Delaware" home, too.


Thirty-three units sold in zip code 20008 in March 2011. Key points in March's data:
  •  Compared to the same month in 2010, aggregate dollar volume was significantly higher, up 108.81%. The average sales price rose 20.22%, but the median sales price fell 31.85%.
  • Twenty-four condos and nine homes sold in March. The average price for a home rose 80.52% and 19.44% for condos. The number of homes sold in March, 9, is far less than the monthly average for homes during the last twelve month, 31.
  • Eight of the nine homes sold in March were sold for more than $1MM. Four sold for $1-2.5MM and 4 sold for $2.5-5MM. No condo sold for more than $800K.
  • Dollar volume for homes rose 80.52% and for condos, up a mere 186.67%. 
Zip code 20008's dollar volume in March 2011 was 11.18% of the District's total that month. Its average sales price was 87.4% higher than that of the District as a whole; its median sales price, 40.97% higher. Its 33 units were 5.97% of all units sold in the District.

At March's sales rate there's a 3.3 months supply of homes and condos listed in 20008. More specifically, there's a 3.3 months supply for condos and a 3.2 months for homes, both signs of seller's market. According to MRIS, properties in 20008 sold for 96.7% of the listing price.

Zip code 20008 includes some of the District's most expensive properties - based on sales for the past twelve months, the average price for a 3 bedroom property is $993K. MRIS' data show that no homes are listed for less than $600K while 56 of 80 condos listed in March were listed for less than $600K. As I said in my report on 20007, if you're determined to live in 20008 and can't swing a 7-figure mortgage then condos are a viable option.

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

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

Saturday, April 16, 2011

MRIS February 2011 Sales Report: Zip Code 20020

In this post I look at contracts closed in February 2011 in zip code 20020 using data released by MRIS. Zip code 20020 is home to the Anacostia, Naylor Gardens, and Fort Stanton neighborhoods. It's the home of Fort Stanton Park and will soon be the home of the new headquarters of the Department of Homeland Security (DHS) on the grounds of today's St. Elizabeth's hospital.


Twelve units sold in zip code 20020 in February 2011. Key points in February's data:
  • Compared to the same month in 2010, aggregate dollar volume was down 25.89%. The average sales price fell 25.89%, too, and the median sales price was 10.81% lower.
  • Two condos and ten homes sold in February. The average price for a home fell 14.96%; no condos were sold in February 2010. Dollar volume for homes fell 29.13%. 
  • No home sold for more than $400K in 20020. The two condos sold in February went for less than $50K.
Zip code 20020's dollar volume in February 2011 was less than 1% of the District's total that month. Its average sales price was 70.54% less than that of the District as a whole; its median sales price, 63.33% less. Its 12 units were 3.25% of all units sold in the District.

At February's sales rate there's about a 14.4 months supply of homes and condos listed in 20020; more specifically, a 33 months supply for condos and 10.7 months for homes. According to MRIS' data, no condo is listed for more than $300K and only one home is listed for more than $500K.  February's total sales activity (closed and new contracts) was the best since 2008. It's definitely a buyer's market - MRIS reports that properties sold for 81.47% of the listing price.

Given the price points I've mentioned and the imminent arrival of DHS' new headquarters at St. Elizabeths, far-sighted home buyers and investors are wise to consider properties in this zip code when making a purchase. As DHS consolidates workers today spread among more than 40 buildings throughout the area onto the DHS St. Elizabeth campus, demand for nearby housing and services is sure to soar.   

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

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

Friday, April 08, 2011

MRIS February 2011 Sales Report: Zip Code 20912

In this post I look at contracts closed in February 2011 in zip code 20912 using data released by MRIS. The zip code is home to Takoma Park, MD.


Eight units sold in zip code 20912 in February 2011. Key points in February's data:
  • Compared to the same month in 2010, aggregate dollar volume was up 16.64%. The average sales price increased  by 2.06% and the median sales price rose 18.65%.
  • Two condos and 6 homes sold in February, about the same proportion as last February. The average price for a home fell 2.88%; condos rose 17.35%. Dollar volume for homes grew 16.55% and increased 17.35% for condos. 
  • The most expensive home sold in 20912 closed at $600-799K; the least expensive home sold for $150-199K. The two condos sold in February went for less than $200K.
  • The data for 2008-2011 indicate that about 6-8 homes sell in February.
At February's sales rate there's about a 12 months supply of condos and 6.88 months supply for houses listed in 20912, both of which are signs of a market where there's room for pricing negotiation; in fact, in February homes sold for about 95.7% of list price. Generally speaking, February's total sales activity (closed and new contracts) was the lowest since 2008 although it was better than February 2007.

Of the 67 homes with active listings in February, about half (27 houses and 7 condos) were listed between $200-500K. These price points make 20912 an attractive area for home buyers to explore this spring.

I wrote this sales analysis for my good friends at Urban Turf, who published a version a few days ago on their site.

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

Friday, April 01, 2011

MRIS February 2011 Sales Report: Zip Code 20007

I wrote this sales analysis for my good friends at Urban Turf, who published a version a few days ago on their site.

In this post I look at contracts closed in February in zip code 20007 using data released by MRIS. The zip code is roughly bordered by the Potomac River on the south and west, Rock Creek Park / Observatory Circle on the east,  and Garfield Street NW on the north. Burleith, Foxhall, Georgetown, and Massachusetts Avenue Heights neighborhoods are in this zip code. Georgetown University students, the Social Safeway, an Apple store, and assorted socialites can be found here.


Twenty-four units sold in zip code 20007 in February 2011. Key points in February's data:
  • Compared to the same month in 2010, aggregate dollar volume was up 13.49% even though the same number of units sold last February. The average sales price increased 13.49% and the median sales price was 16.97% higher.
  • Five condos and 19 homes sold in February, about the same proportion as last February. The average price for a home was 4.08% higher, that for condos rose 33.26%. Dollar volume for homes grew 16.32% and fell 4.82% for condos. 
  • Twelve of the 19 homes sold for more than $1MM. Amazingly, one condo sold for less than $200K.
In February, zip code 20007 represented 17.67% of the District's dollar volume and 6.5% of unit sales. The zip code's average and median prices were much higher than the District as a whole, 171.73% and 168.06% higher, respectively. 

In the aggregate, at February's sales rate there's a 5.99 months supply for houses listed in 20007; there were 143 active listings at the time of MRIS' February report. If you're looking to buy in 20007, the opportunities are more affordable for condo buyers. Of the 56 condos listed, 33 were priced lower than $400K. Homes start at $600K; almost half, 43 of 87, were listed for $1-2.49MM. But don't despair - it's a seller's market even in that bracket with a 4.77 month's supply of homes available.

Overall sales activity in 20007 (closed contracts, homes under contract, and homes under contingent contracts) was higher than last February and the highest it's been since February 2008. Interestingly, the number of homes with contingent contracts more than doubled this February and is the highest since 2007. Unlike the other zip codes I've analyzed, it looks like there's room for negotiation on price: the average sales price was about 92.4% of the list price.

What can you say about a zip code where the average home price is almost $1.5 million? If you're dead set on buying in 20007 and you can't swing a 7-figure mortgage, then your best options are condos with a smattering of homes between $600-999K.       

Detailed Data
Average Sales Price

Dollar Volume

Transaction Volume