Friday, June 24, 2011

MRIS May Sales Report: Zip Code 20012

MRIS and its business intelligence subsidiary, RBI, released sales data for May 2011 a few days ago. Today we look at May's closed sales in zip code 20012. Forming the District's northern tip, 20012 is bounded Beach Drive NW on the west, by Eastern Avenue on the east, and Tuckerman Street NW on the south. 20012 is home to the Colonial Village, Shepherd Park, and Takoma DC neighborhoods.


Nine units sold in 20012 in May 2011. Key points in May's data:
  • Aggregate dollar volume was down 4.55% over the same month in 2010. Unit sales fell 30.77%%.  The average and median prices for a home were up 37.88% and 31.25%, respectively. 
  • The average price for a condo was $340,000 and $527,000 for a house.
  • Two of the homes sold in May were foreclosures. The median price for the foreclosed homes was $207,500.
  • While 9 sales seems low, it's been the typical sales pace for 8 of the past 12 months in 20012.
  • The sole condo sale was priced between $300-399K. Three houses sold for $500-799K, one house sold for between $1-2.49MM, the remainder were priced below $400K.
20012 represented 1.4% of May's dollar volume. The zip code's average price was 3.9% lower than the District's average; its median price was the same as the District's. The zip code's sales volume represented 1.46% of all units sold in May.

At May's sales rate there's a 4.62 months supply of houses. There were 21 condos listed during May and given May's single condo sale, seller's may have a challenge ahead of themselves. All condos listed in 20012 were priced at less than $400K. The 33 detached houses listed started at $300K and topped out at $4.9MM while the attached houses were priced in a narrow band of $200-500K. According to MRIS, properties in 20012 sold for 91.9% of the listing price.

Based on May's sales, the market in 20012 is the strongest it's been since 2007. The number of new contracts and contingent contracts each hit new May highs with 16 each, which indicates that June and July 2011 will easily beat 2010's sales for the period. 

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

Friday, June 10, 2011

MRIS April 2011 Sales Report: Zip Code 20019

This week, I look at contracts closed in April 2011 in zip code 20019 using data released by MRIS and its business intelligence subsidiary, RBI. This zip code is bounded on two sides by the District line, on the west by the Anacostia River, and on the south by N Street SE and Massachusetts Avenue SE. Home to Fort Dupont Park, the Benning Heights, Fort Dupont, Deanwood, Lincoln Heights, and Marshall Heights neighborhoods are located here, too.


Thirty-three units sold in zip code 20019 in April 2011. Key points in April's data:
  • Aggregate dollar volume was up 1.19% over the same month in 2010. Unit sales fell, however, down 2.94%.  The average and median prices for a home were up 4.26% and 32.38%, respectively.
  • Thirty-three houses sold in April 2011 compared to 34 in April 2010. This is the first time I've seen a zip code where no condos were sold.
  • All houses sold for less than $300K. Fifteen houses sold for $150-300K.
Zip code 20019 represented 1.64% of April's dollar volume. The zip code's average price was 73.52% lower than the District's average and its median was 65.16% lower. The zip code's sales volume represented 6.18% of all units sold in April.

At April's sales rate there's a 6.57 months supply of houses, which is close to equilibrium. There were 31 condos listed during April. All condos listed in 20019 were priced at less than $300K and all of the 217 houses listed were priced below $400K. According to MRIS, properties in 20019 sold for 91.5% of the listing price.

The zip code has the markings of a competitive market based on MRIS' data - relatively low prices compared to the District as a whole and decent inventory levels. The data appear to support this - April 2011 sales activity [closed sales, new contracts, contingent contracts] in 20019 is about equal to the same months in 2010 and, possibly more importantly, pre-real estate crash 2007. However, the condo market may be dicey for buyers and sellers alike; there's little pricing differential between a condo and a house in 20019. If you can afford one, you can afford the other. Condo buyers should consider resale potential before acting and, unlike their counterparts in other parts of the District, sellers obviously should understand that houses in 20019 are viable competitors. 

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

Saturday, June 04, 2011

MRIS April 2011 Sales Report: Zip Code 20001

Today I look at contracts closed in April 2011 in zip code 20001 using data released by MRIS and its business intelligence subsidiary, RBI. Roughly situated between 11th Street NW and North Capitol Street, bordered on the north by Irving Street NW / Michigan Avenue NW and by Pennsylvania Avenue NW / Constitution Avenue NW 21st Street NW on the west, 20001 is the home of the Canadian Embassy and Howard University. The Shaw, LeDroit Park, and Bloomingdale neighborhoods are located here, too.


Thirty-seven units sold in zip code 20001 in April 2011. Key points in April's data:
  • Aggregate dollar volume was 37.52% lower than the same month in 2010. Unit sales fell just as steeply, down 40.32%. However, the average price for a home was up 4.69% while the median price was down 1.97%.
  • While the number of condos sold in April (24) was relatively unchanged from the previous April (27), there was a significant drop in houses sold. Thirteen houses sold in April 2011 compared to 35 in April 2010. 
  • Average prices for condos were up 2.7% and up 9.04% for houses. April's average prices for condos were higher than the average for the preceding 11 months, but within the minimum/maximum for the period. 
  • One condo and one house sold at a price between $800K-1MM, all other properties sold for $150-800K. 
Zip code 20001 represented 6.26% of April's dollar volume. The zip code's average price was 9.6% lower than the District's average and its median was 5.51% higher. The zip code's sales volume represented 6.93% of all units sold in April.

At April's sales rate there's a 3.5 months supply of condos and 4.46 months supply of houses. All condos listed in 20001 are priced between $150-500K. More than half of the condos listed in April were in the $300-500K price range.  The $600K price appeared to be the median price point for houses: 28 were listed below that price, 30 above. According to MRIS, properties in 20001 sold for 96.3% of the listing price.

The market in zip code 20001 trends towards condos / attached houses; very few detached homes sell in 20001 in any given month. The zip code's prices are reasonable by the District's standards so buyers looking for a condo / attached house should consider the neighborhoods in 20001, but be aware that tight inventory will mean less bargaining leverage and the need to be prepared to move quickly when the right home is found.

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