Friday, July 29, 2011

MRIS Junes Sales Report: Zip Code 20017

Today I look at June's closed sales for zip code 20017 using data provided by MRIS and RBI. Tucked away in northeast DC, 20017 is home to the Brookland, Michigan Park, and North Michigan Park neighborhoods, Catholic University, and the Howard University School of Divinity.


Seventeen units sold in 20017 in June 2011. Key points in June's data:
  • Aggregate dollar volume was up 7.02% over the same month in 2010. Unit sales were 6.25% higher.  The average price for a home was flat, up a mere 0.72%, but the median price was 5.61% higher. 
  • Houses accounted for about 90% of units sold.
  • The number of condos and houses sold was about the same as June 2010.
  • Three units were sold through a bank-mediated sale, with a median price of 180,000.
  • The average price for condos was $147,200, up 0.82%. Houses fared no better, with average prices up 0.26% to $320,493.
  • All house sales were priced between $100-500K.
There were 48 active listings during June, 10 condos and 38 houses. All of the condos were listed below $300K, the houses were listed between $150K-800K. During June, 16 homes went under contract and another eight went under contingent contracts. Overall, June's sales pace was the highest since June 2007. According to MRIS, properties in 20017 sold for 91.6% of the listing price. At June's sales rate, there's 5 months supply of condos and a 2.53 months supply of houses.

As a percentage of the District's June sales:
  • 20017's dollar volume was 1.34% of the District's June dollar volume. 
  • Its average price was 47.66% lower than the District average and its median price was 26.44% lower. 
  • Its unit sales were 2.56% of all units sold.
The data show that zip code 20017 is not a high volume zip code; during the past twelve months it's averaged 11 house and condo sales per month. But, it offers housing at prices significantly below the District average and June's sales activity show that there's a lot of buyer interest in the area. 

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

Sunday, July 24, 2011

MRIS June Sales Report: Zip Code 20010

This week I look at June's closed sales for zip code 20010 using data provided by MRIS and RBI. From west to east, 20010 stretches from Rock Creek Park to North Capitol St NW; on the north, it's bordered by Piney Branch Parkway / Quincy St NW / Rock Creek Church Rd NW and on the south by Irving St NW / Michigan Ave NW. 20010 is home to the Mount Pleasant neighborhood and the Washington Hospital Center.


Twenty-five units sold in 20010 in June 2011. Key points in June's data:
  • Aggregate dollar volume was down 37.87% over the same month in 2010. Unit sales were 35.9% lower.  The average price for a home fell 3.07%, but the median price was 7.14% higher. 
  • Houses accounted for about 2/3 of units sold.
  • The number of condos sold fell by half and unit sales for houses fell 23.81%. 
  • One unit sale was a bank-mediated sale.
  • The average price for a condo was up 31.06% to $416,367. The average price for a house was $501,062, down 20.38%.
  • The median price for the bank-mediated sale was $720,000.
There were 62 active listings during June, 42 condos and 20 houses. Few detached homes have sold in 20010 during the past twelve months, which implies that buyers' choices are limited to condos and attached houses. All but 7 condos were listed below $400K, the houses were listed between $150K-1MM. According to MRIS, properties in 20010 sold for 99.7% of the listing price! At June's sales rate, there's 4.6 months supply of condos and a 1.25 months supply of houses. Basically, make an offer if you like it the first time you see it because it'll be snatched up.

As a percentage of the District's June sales:
  • 20010's dollar volume was 3.09% of the District's June dollar volume. 
  • Its average price was 17.92% lower than the District average and its median price was 3.45% higher. 
  • Its unit sales were 3.77% of all units sold.
I don't think I've ever seen a zip code where the average selling price approached 100% of the list price. Given the low inventory and the pricing data provided by MRIS, it's possible that buyers will find they have little leverage at the bargaining table in today's pre-August 2 market.

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, July 15, 2011

MRIS May Sales Report: Zip Code 22201

This week I look at May's closed sales for zip code 22201 using data provided by MRIS and RBI. 22201 is bordered by Arlington National Cemetery, Rosslyn, I-66, and Route 50. 22201 is home to the Clarendon and Courthouse neighborhoods.


Forty-four units sold in 22201 in May 2011. Key points in May's data:
  • Aggregate dollar volume was down 6.83% over the same month in 2010. Unit sales fell 13.73%.  The average price for a home rose 7.99% and the median price was down 6.19%. 
  • Condos dominated sales, accounting for 32 of the 44 units sold.
  • The number of condos sold declined 11.11% while unit sales for houses fell 20%.
  • Two of the 44 units sold were bank-mediated sales.
  • The average price for a condo was $438,289 and the average price for a house was $950,550.
  • The median price for the bank-mediated sales was $276,000.
There were 83 active listings during May, 46 condos and 37 houses. About half of the condos were listed between $300-600K, the houses were listed between $500K-2.5MM. According to MRIS, properties in 22201 sold for 97.5% of the listing price. During May 17 homes went under contract and 35 had contingent sale contracts. At May's sales rate, there's a 1.43 months supply of condos and a 3 months supply of houses. That's a tight market!

Condo sales have dominated the market in 22201 for the past 12 months. Buyers who want to buy a house in 22201 will have fewer options given its lower inventory of detached houses and their $1M+ price. Buyers who want the condo lifestyle will find that while condos are more prevalent in 22201, as long as inventory remains at current levels they'll have to move quickly should they find a condo 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

Saturday, July 09, 2011

MRIS May Sales Report: Zip Code 20018

This week I look at May's closed sales for zip code 20018 using data provided by MRIS and RBI. 20018 is bordered by the District line on the east, New York Avenue NE on the south, and Michigan Ave NE / 17th Street NE / 16th Street NE on the west. 20018 is home to the Brentwood, Langdon, and Port Lincoln neighborhoods.


Fifteen units sold in 20018 in May 2011. Key points in May's data:
  • Aggregate dollar volume was up 8.47% over the same month in 2010. Unit sales fell 6.25%.  The average price for a home rose 15.7% and the median price was up 8.6%. 
  • Two of the units sold were bank-mediated sales.
  • One condo sold for $215K.
  • The median price for the bank-mediated sales was $192,500.
  • The average price for a house was $287,838. No house sold for more than $600K.
20018 represents 1.31% of May's dollar volume and 2.43% of the units sold. Its average price is 46.28% lower than the District's, its median price is 39.85% lower. At May's sales rate there's a 8 months supply of condos and a 3.85 months supply of houses in 20018.

There were only 8 active condo listings during May, all priced lower than $300K. Of the 54 houses with active listings, the attached houses top out at $500K and 30 of the 38 listed detached houses are priced below $400K. According to MRIS, properties in 20018 sold for 87% of the listing price. Looking forward, 18 homes went under contract in May and another 9 had contingent sale contracts. 

The data show that detached and attached houses dominate the market in 20018; few condos have been sold during the past twelve months. The average price for a house with 3 or more bedrooms has been less than $480K for the past twelve months.

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, July 01, 2011

MRIS May Sales Report: Zip Coe 20743

Today we look at May's closed sales in zip code 20743 using data provided by MRIS and RBI. Adjacent to 20019, 20743 is bounded by I-495 on the east, the District on the east, Pennsylvania Avenue / Walker Mill Rd on the south, and Cabin Branch Dr / Hill Rd / Central Avenue on the north. 20743 is home to the Capitol Heights, Coral Hills, Seat Pleasant, and Walker Mill neighborhoods.


Thirty seven units sold in 20743 in May 2011. Key points in May's data:
  • More than half of all sales in May were bank-mediated sales, with six short sales and 15 foreclosures.
  • In May 2010, 33 of 55 sales were short sales and foreclosures.
  • Aggregate dollar volume was down 50.95% over the same month in 2010. Unit sales fell 32.73%%.  The average and median prices for a home were lower, down 27.08% and 46.07%, respectively. 
  • No condos were sold in May. The average price for a house was $93,719.
  • The median price for the bank-mediated sales was $59,900.
  • No house sold for more than $300K.
At May's sales rate there's a 8.21 months supply of houses in 20743. There were only 8 active condo listings during May, all priced lower than $200K. None of the 304 houses with active listings is listed for more than $300K. According to MRIS, properties in 20743 sold for 81.8% of the listing price. Looking forward, 74 homes went under contract in May and another 33 had contingent sale contracts.

Given the high percentage of bank-mediated sales in 20743, the zip code presents buyers with opportunities and risks. There is a chance to buy a home in 20743 at an extremely low price, assuming a buyer is willing to undergo the bank-mediated sales process. However, the continued presence of bank-mediated sales in the market leaves the buyer open to the risk of further equity loss through price deterioration, as demonstrated in the May 2010 / May 2011 market data.  

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