DC Home and Condo Prices

MRIS October Sales Report: Zip Code 20009

2011-11-25T12:00:00.087-05:00

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:

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.
Some folks had a problem with 2011 being the left-most column so to appease them I moved it to the right.
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.

MRIS August Sales Report: Zip Code 20910

2011-09-23T12:30:00.002-04:00

And now, on to August. Today I analyze August's sales for zip code 20910 using data provided by MRIS and RBI. 20910 is home to Silver Spring, MD. It's roughly bordered by the District on the south, Sligo Creek on the east, I-495 on the north, and Rock Creek Park / Grubb Road on the west.

Twenty-five units sold in 20910 in August 2011. Key points in August's data:

Aggregate dollar volume was down 14.1% over the same month in 2010. Unit sales were 10.71% lower. The average price for a home fell 3.79%, but the median price was up 5.22%.
Twenty-one houses were sold for an average price of $479,137, down 3.46%. Four condos were sold for an average price of $215,000, down 28.16%.
Of the twenty-five homes sold, four were sold through a bank-mediated sale at a median price of $285,000.
For the past twelve months, the average monthly sales volume has been 14 detached houses, 2 townhouses, and 7 condos sold per month.

There were 85 active listings during August: 26 condos and 59 houses. More than half of the condos listed were priced $200-299K and more than half the houses were listed in the $400-600K price range.

According to MRIS, properties in 20910 sold for 95% of the listing price. At August's sales rate, there's a 6.5 months supply of condos and a 2.8 months supply of houses. Overall, homes are selling quickly in 20910 - the average days on market fell to 69 days, down almost 30% from August 2010. However, the condo market has tipped slightly in favor of buyers. Looking ahead, 24 homes went under contract in August and another 21 went under a contingent contract.

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

MRIS July Sales Report: Zip Code 22101

2011-09-17T12:30:00.001-04:00

Today I analyze July's sales for zip code 22101 using data provided by MRIS and RBI. 22101 is bordered by the Potomac River, I-495, 267, and Kirby Road. We'd tell you it's home to the CIA, but we can't. But we can tell you it's home to McLean, VA.

Thirty-seven units sold in 22101 in July 2011. Key points in July's data:

Aggregate dollar volume was down 15.91% over the same month in 2010. Unit sales were 7.5% lower. The average price for a home fell 9.09% and the median price was down 7.81%.
No condos were sold. Thirty-seven houses were sold for an average price of $942,293, down 9.09%.
The houses sold in 22101 are large - 31 of 37 houses sold had 4 or more bedrooms. Those large houses experienced a 10.38% drop in average price in July 2011.
For the past twelve months, detached housing has dominated sales in 22101. The average monthly sales volume has been 26 detached houses, 3 townhouses, and 1 condo sold per month.

There were 165 active listings during July, 8 condos and 157 houses. The list prices for condos topped out at $2.5M, but half were in the $200-300K price range. Generally, house prices were in the $500K-infinity price range, with almost half in the $1-2.5M price range.

According to MRIS, properties in 22101 sold for 95.2% of the listing price, almost flat compared to 2010. At July's sales rate, there's a 4.24 months supply of houses and they're selling fast - average days on market fell by a third from July 2010 to 61 days. Looking ahead, 23 homes went under contract in July and another 30 went under a contingent contract.

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

MRIS July Sales Report: Zip Code 20032

2011-09-02T12:30:00.062-04:00

With this post, I'll have analyzed a month's sales for every DC zip code save for 20004, sort of a ring cycle for DCHousingPrices.com. To wrap up the first tour of DC, I analyze July's sales for zip code 20032 using data provided by MRIS and RBI. Forming the District's southeast tip, 20032 is bordered by the Potomac and Anacostia Rivers and the District/Maryland line. Bisected by I-295, it's home to Joint Base Anacostia-Bolling, a.k.a., Bolling AFB, and the Bellevue, Congress Heights, and Washington Highlands neighborhoods.

Five units sold in 20032 in July 2011. Key points in July's data:

Aggregate dollar volume was down 55.2% over the same month in 2010. Unit sales were 50% lower. The average price for a home fell 10.4%, the median price was down 16.96%.
Two homes were sold as bank-mediated sales at a median price of $51,600.
One condo sold for $41,000, up 64%.
Four houses were sold for an average price of $147,455, down 4.05%.
For the past twelve months, attached housing (rowhouses and/or townhouses) have dominated sales in 20032. The average monthly sales volume has been 2 detached houses, 7 attached houses, and 2 condos sold per month.

There were 77 active listings during July, 28 condos and 49 houses. The list prices for condos topped out at $300K. Almost all houses ranged from $50-300K, with 2 between $300-400K and another listed at $500-600K.

20032 was barely on the map as a portion of District sales in July. It represented 0.18% of July's dollar volume in the District. Its average price was 78.76% less than the District's and its median price was 73.03% lower. 20032's unit sales were 0.86% of all sales in the District in July. According to MRIS, properties in 20032 sold for 94.2% of the listing price, a 12.03% improvement from 2010. At July's sales rate, there's a 28 months supply of condos and a 12.25 months supply of houses. A buyer's market. Going forward, 22 homes went under contract in July and another 9 went under a contingent contract.

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

MRIS July Sales Report: Zip Code 20024

2011-08-28T12:30:00.055-04:00

I begin my analyses of July's sales by looking at zip code 20024 using data provided by MRIS and RBI. 20024 is roughly bordered by the Potomac and Anacostia Rivers, South Capitol St, and Independence Avenue. It's home to many of our nation's memorials and parks as well as the Southwest and Waterfront neighborhood. You can find the memorial to the Titanic here [did you know such a memorial was located in DC?] and Arena Stage.

Seventeen units sold in 20024 in July 2011. Key points in July's data:

Aggregate dollar volume was up 70.3% over the same month in 2010. Unit sales were 88.89% higher. The average price for a home fell 8.44%, the median price was down 4.99%.
No houses were sold during July.
No homes were sold as a bank-mediated sale.
The average price for condos was $302,641, up 5.33%.
Condo sales prices ranged from $50-500K, with one condo selling for $800K-1M.
For the past twelve months, condos have dominated sales in 20024, averaging 12 condos and 1 house sold per month.

There were 60 active listings during July, 56 condos and 4 houses. The list prices for condos ranged $100-600K, with more than half in the $200-400K price point. One condo was listed for $800K-1M.

20024 represented 1.48% of July's dollar volume in the District. Its average price was 49.05% less than the District's, its median price 41.69% lower. 20024's unit sales were 2.91% of all sales in the District in July. According to MRIS, properties in 20024 sold for 88.6% of the listing price. At July's sales rate, there's a 3.3 months supply of condos. A healthy market for sellers.

Zip code 20024 offers close proximity to many of the Federal government's offices and the waterfront lifestyle is appealing, too. A lot of development has been happening in the area thanks to the new-ish Nationals Park. But this probably isn't the area for you if you want a detached home. Otherwise, its affordable condo prices [relative to the District as a whole] make it an area worth considering when shopping for a condo.

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

MRIS June Sales Report: Zip Code 20816

2011-08-19T12:30:00.003-04:00

I wrap up my review of June's closed sales by looking at zip code 20816 using data provided by MRIS and RBI. Bordered by the District line, the Potomac River, River Road, and Goldsboro Road, 20816 is home to the Glen Echo Heights and Glen Mar Park neighborhoods.

Twenty-nine units sold in 20816 in June 2011. Key points in June's data:

Aggregate dollar volume was down 30.13% over the same month in 2010. Unit sales were 23.68% lower. The average price for a home fell 8.44%, the median price was down 4.99%.
Houses accounted for 79.31% of units sold. All houses sold were detached houses.
No home was sold through a bank-mediated sale.
The average price for condos was $439,583 down 23.8%. The average price for a house was down 6.31%, to $938,676.
Condo sales prices ranged from $200-500K. Houses sold in the range $500K-2.5M; six houses sold for $1-2.5M, all having at least 4 bedrooms.
More detached houses, 23, sold in June than during any of the previous 12 months. The median monthly sales rate for 20816 is 13 detached houses.

There were 57 active listings during June, 10 condos and 47 houses. The list prices for condos ranged $200-500K, with the median somewhere in the $300-399K price point. Of the 47 houses listed, 7 were priced $600-800K, the remainder ranged upwards to more than $5M; most were in the $800K-2.5M price range.

According to MRIS, properties in 20816 sold for 97.7% of the listing price. At June's sales rate, there's less than 2 months supply of condos and a 2 months supply of houses. A seller's market. As if to emphasize that point, the average days on market was 57 days in June, a 20% drop from the prior year.

Just as I said last week about 22207, zip code 20816 is a good area for those who want a detached house, but its high average sales price may be greater than many can accommodate. With 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

MRIS June Sales Report: Zip Code 22207

2011-08-12T12:30:00.110-04:00

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

MRIS June Sales Report: Zip Code 20037

2011-08-04T12:30:00.001-04:00

I begin August with June's closed sales for zip code 20037 using data provided by MRIS and RBI. 20037 is home to the West End and Foggy Bottom neighborhoods. You'll also find the Kennedy Center and the Watergate there. And at the corner of Rock Creek Parkway and Virginia Avenue NW, you can buy the most expensive gasoline in Washington, DC.

Twenty-three units sold in 20037 in June 2011. Key points in June's data:

Aggregate dollar volume was up 73.22% over the same month in 2010. Unit sales were 21.05% higher. The average price for a home was up a whopping 43.1% and the median price was a more moderate 16.11% higher.
Condos accounted for 92.08% of units sold. Condos rule!
The number of condos and houses sold was about the same as June 2010.
One unit was sold through a bank-mediated short sale for $455,000.
The average price for condos was $796,655, up 46.11%. Houses were up, although not as spectacularly, up 6.66%.
Condo sales prices ranged from $150K-5M. The two houses sold in the range $600-799K.

Let's not get too excited thinking that the condo market is making a tremendous rebound. Six of 21 condos sold for more than $1MM, including one that sold for between $2.5-5M. Obviously, these sales skewed all the average pricing metrics. Even so, a 16.11% bump in the median price isn't something to sneeze at. For those looking to buy a condo, the average price during the past twelve months for a studio has been $184,023, for a one bedroom unit $407,304, and for a two bedroom unit $932,172.

There were 146 active listings during June, 142 condos and 4 houses (did I mention condos rule here?). The listed prices for condos range $150K-5M, with the median somewhere in the $500-599K price point. Two of the four houses were listed for $600-800K and two were listed for $1-2.5M. During June, 12 homes went under contract and another 13 went under contingent contracts. According to MRIS, properties in 20037 sold for 93.8% of the listing price. At June's sales rate, there's 6.76 months supply of condos and a 2 months supply of houses.

As a percentage of the District's June sales:

20037's dollar volume was 4.78% of the District's June dollar volume.
Its average price was 37.79% higher than the District average and its median price was 26.78% higher.
Its unit sales were 3.47% of all units sold.

The data show that zip code 20037 is not a high volume zip code; during the past twelve months it's averaged 16 house and condo sales per month, wit the distribution of sales leaning heavily towards condos. The supply of many condos for sale at such a broad price range means there's probably something for anyone who wants a condo near the Kennedy Center, the State Department, or the bar at the Ritz-Carlton.

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

MRIS Junes Sales Report: Zip Code 20017

2011-07-29T12:30:00.001-04:00

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

MRIS June Sales Report: Zip Code 20010

2011-07-24T12:30:00.000-04:00

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

MRIS May Sales Report: Zip Code 22201

2011-07-15T12:30:00.150-04:00

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

MRIS May Sales Report: Zip Code 20018

2011-07-09T12:30:00.001-04:00

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

MRIS May Sales Report: Zip Coe 20743

2011-07-01T12:30:00.095-04:00

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

MRIS May Sales Report: Zip Code 20012

2011-06-24T12:30:00.115-04:00

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

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Dollar Volume

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Monthly Data for the Past Year (by Housing Type)

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MRIS April 2011 Sales Report: Zip Code 20019

2011-06-10T12:30:00.105-04:00

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

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MRIS April 2011 Sales Report: Zip Code 20001

2011-06-04T12:30:00.004-04:00

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

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Monthly Data for the Past Year (by Housing Type)

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MRIS April 2011 Sales Report: Zip Code 20036

2011-05-28T12:30:00.112-04:00

In this post I look at contracts closed in April 2011 in zip code 20036 using data released by MRIS. This zip code is roughly bounded by Q Street NW on the north, 16th Street NW on the east, 21st Street NW on the west, and L Street NW on the south [with a touch of K Street NW thrown in]. Dupont Circle - the circle itself - is in 20036.

Ten units sold in zip code 20036 in April 2011. Key points in April's data:

Ten condos were sold, no houses were sold. During the past 12 months, most of the units sold in 20036 had 2 or fewer bedrooms.
Aggregate dollar volume was little changed from the same month in 2010, up a mere 0.98%. Unit sales were about the same, too, 10 units sold in April 2011 compared to 11 in April 2010.
The average sales price rose 11.08%, but the median sales price fell 11.13%.
Nine condos sold at prices between $200-500K, the 10th sold for $600-800K.

Zip code 20036 represented 1.23 of April's dollar volume. The zip code's average price was 34.16% lower than the District's average and its median was 23.82% less. The 10 condos represented 1.87% of all units sold in April.

At April's sales rate there's a 3.3 months supply of condos; 7 houses were listed in April. All condos listed in 20036 are priced between $150-500K. The houses were listed between $800K-5MM. According to MRIS, properties in 20036 sold for 94.3% of the listing price.

With its central location, zip code 20036 should be an attractive area for those who're looking for a condo. Condo buyers should be prepared to move quickly due to its low inventory. Those looking for a house may be able to 'shop' at their leisure, but will have fewer choices.

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

Detailed Data for the Month

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MRIS April 2011 Sales Report: Zip Code 20814

2011-05-20T12:30:00.125-04:00

In this post I look at contracts closed in April 2011 in zip code 20814 using data released by MRIS. You'll find Bethesda and NIH in this zip code. And since the Apple store is located in 20814 on Bethesda Avenue, it's the nexus of the universe.

Summary of Sales in Zip Code 20814 in April 2011

Thirty units sold in zip code 20814 in April 2011. Key points in April's data:

Compared to the same month in 2010, aggregate dollar volume was up 20.86%. Although unit sales fell 16.67%, the average sales price rose 45.03%; the median sales price was 2.62% lower.
The average price for a condo fell 20.67%. The average price for a house was 37.25% higher, probably thanks to the fact that 6 of 20 houses sold for more than $1MM.
The 10 condos sold for prices between $150-600K, the 20 houses sold in the range $300K-5MM.
Unit sales for condos were down 50%, but up 25% for houses.
The number of homes listed, 114, was about the same as April 2010.

At April's sales rate there's a 5.9 months supply of condos and 2.75 months for houses. About half of the condos listed in 20814 are in the $150-300K price range. More than half of the houses were listed at prices exceeding $1MM. According to MRIS, properties in 20814 sold for 93.8% of the listing price. Based on sales in 20814 for each of the past 11 months [excluding April 2011], the average sales price for a condo was $370,951, for a house it was $934,459.

Given its relatively low entry prices, zip code 20814 should be an attractive area for those who're looking for a condo. With an inventory of almost 6 months, the condo market is close to equilibrium. The market's much more tilted towards those selling houses and with an average price greater than $900K, it will be a bigger lift for buyers.

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

Average Sales Price in Zip Code 20814 in April 2011

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Dollar Volume in Zip Code 20814 in April 2011

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Unit Sales Volume in Zip Code 20814 in April 2011

Monthly Data for the Past Year (by Housing Type)

Units Sold

Median Sales Price

Average Sales Price

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MRIS March 2011 Sales Report: Zip Code 20016

2011-05-13T12:30:00.004-04:00

In this post I look at contracts closed in March 2011 in zip code 20016 using data released by MRIS. 20016 is roughly bounded by Western Avenue NW on the northwest, the Potomac on the southwest, Reno Rd/37th St/34th St NW on the east, and Garfield St NW/Battery Kemble Park on the south. It's home [so to speak] to AU Park, McLean Gardens, Spring Valley, Cathedral Heights, Tenleytown, and North Cleveland Park neighborhoods. If you've shopped at Best Buy on Wisconsin Avenue NW or made a visit to Sibley Memorial Hospital, you've been to 20016.

March 2011 Sales Summary for 20016

Thirty-one units sold in zip code 20016 in March 2011. Key points in March's data:

Compared to the same month in 2010, aggregate dollar volume was down 6.72%. Despite a 13.89% drop in unit sales, the average sales price rose 8.33% and the median sales price was up 6.4%.
The average price for a condo fell 5.64%. The average price for a house was 17.6% higher.
The 17 condos sold for prices between $200K-1MM, the 14 houses sold in the range $600-5MM.
Unit sales for condos and houses fell by more than 10% each, down 10.53% for condos and down 17.65% for homes.

Zip code 20016's dollar volume in March 2011 was 9.34% of the District's total that month. Its average sales price was 66.57% higher than that of the District as a whole; the median sales price, 75.23% higher. The zip code's 31 units were 5.61% of all units sold in the District.

At March's sales rate there's a 4.8 months supply of houses and condos listed in 20016, breaking down to a 5.3 months supply of condos and 4.3 months for houses. Either way, a good market for sellers even though the number of homes listed rose almost 30% from March 2010. According to MRIS, properties in 20016 sold for 95% of the listing price.

The entry price for a house in zip code 20016 is about double that for a condo, but there are buying opportunities for buyers of either property type. More than half the condos listed were in the $200-400K price range while 60% of houses listed start at $1MM or more, making condos an easier lift for most buyers.

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

March 2011 average sales price for 20016

Dollar Volume

March 2011 dollar volume for 20016

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March 2011 unit sales for 20016

MRIS March 2011 Sales Report: Zip Code 22209

2011-05-06T12:30:00.081-04:00

In this post I look at contracts closed in March 2011 in zip code 22209 using data released by MRIS. Situated just above Arlington National Cemetery, 22209 is home to the Rosslyn, North Rosslyn, and Fort Myer Heights neighborhoods in Arlington, VA.

Twenty-six units sold in zip code 22209 in March 2011. Key points in March's data:

Aggregate dollar volume was essentially flat compared to the same month in 2010, up 0.2%. The average sales price was down 7.51% and the median sales price fell 15.83%.
The average price for a condo was down 4.12%. The average home price rose a mere 1.92%.
Twenty-three condos sold for prices between $300K-2.5MM, one condo sold for $100-150K. The two homes sold for $1-2.5MM.

At March's sales rate there's a 2.8 months supply of homes and condos listed in 22209. The price ranges for the listed condos run the gamut of $100K-5MM, the one home that was listed was priced under $500K. March 2011 was the strongest sales month for March since March 2007, up 26%, and it recorded the largest number of condos sold in any month during the past year. Homes sold for 94.7% of list price, indicating there is room for price negotiation despite the appearance of a seller's market.

Condos dominate sales in zip code 22209, which may not be too surprising when one looks at Rosslyn's skyline; 86% of all units sold in the past year were condos. Although the condo market shows decent breadth in terms of price range, selection for any particular price point is limited, which may make it challenging for those who wish to buy in the area.

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

Detailed Data for the Month

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Dollar Volume

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Monthly Data for the Past Year (by Housing Type)

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Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS March 2011 Sales Report: Zip Code 20005

2011-04-29T12:30:00.002-04:00

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

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Monthly Data for the Past Year (by Housing Type)

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MRIS March 2011 Sales Report: Zip Code 20008

2011-04-23T09:08:00.000-04:00

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

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Dollar Volume

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Monthly Data for the Past Year (by Housing Type)

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Average Sales Price by Number of Bedrooms

MRIS February 2011 Sales Report: Zip Code 20020

2011-04-16T12:30:00.000-04:00

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

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Monthly Data for the Past Year (by Housing Type)

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MRIS February 2011 Sales Report: Zip Code 20912

2011-04-08T12:30:00.001-04:00

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

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Monthly Data for the Past Year (by Housing Type)

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MRIS February 2011 Sales Report: Zip Code 20007

2011-04-01T12:30:00.133-04:00

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

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MRIS February 2011 Sales Report: Zip Code 20011

2011-03-25T12:30:00.184-04:00

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

In this post I look at contracts closed in February in zip code 20011 using data released by MRIS. The zip code is roughly bordered by Eastern Ave NE on the east, Rock Creek Park on the west, Piney Branch Parkway NW / Quincy St NW / Rock Creek Church Rd NW on the south, and Tuckerman St NW on the north. The 16th Street Heights, Brightwood, Crestwood, Manor Park, and Petworth neighborhoods are in this zip code.

Thirty-one units sold in zip code 20011 in February 2011. Key points in February's data:

Compared to the same month in 2010, aggregate dollar volume was down by almost 20%. The number of units sold fell, too, down 24.39%. The average sales price increased 5.91% and the median sales price was 6.57% higher.
No condos were sold in February; all 31 sales were homes. I can't recall any time in 5 years I've been analyzing real estate sales in the District that I've seen a month where no condos sold in a zip code. The average price for a home was 3.61% higher than the same month in 2010. Dollar volume for homes was down 8.23%.
One 4 bedroom home that sold for $800-999K was the highest priced sale in 20011 in February. I suspect that the February 2011 average price for a home in 20011 would have fallen 4.75-6.84% when compared to February 2010 if this sale were excluded from the analysis.

In February, zip code 20011 represented 5.78% of the District's dollar volume and 8.4% of unit sales. The zip code's average and median prices were lower than the District as a whole, 31.25% and 18.89% lower, respectively.

In the aggregate, at February's sales rate there's a 3.85 months supply for houses listed in 20011; there were 85 active listings for condos in February. However, when I look more closely at the market by price segment, $300K appears to be the dividing line between seller's and buyer's markets. Below $300K, the inventory is tight, under a 4 months supply for homes; above $300K, it's more than 6 months.

In terms of overall sales activity, the market in 20011 during February 2011 is slightly weaker than February 2010 (note, however, that more homes went under contract in February 2011 than 2010). But with that exception, February 2011 was stronger than any February since 2007, inclusive.

It's difficult to draw conclusions about a zip code that had a mere 31 contracts close in February and more so given the limited scope of the data, e.g., MRIS does not provide data by neighborhood. Those who are trying to sell need to keep in mind that at this time $300K appears to be the tipping point between seller's and buyer's markets. Likewise, those who would like to partake in the renovation of properties in 20011's neighborhoods should keep $300K in mind, too.

Detailed Data

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MRIS February 2011 Sales Report: Zip Code 22314

2011-03-18T12:30:00.153-04:00

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

In this post, I cross the Potomac to visit Alexandria, VA and look at contracts closed in February in zip code 22314 using data released by MRIS. The zip code is roughly bordered by the Potomac River on the east, I-495 on the south, N. Quaker Lane / the Metro rail line on the west, and Janneys Lane / Route 7 on the north. Old Town Alexandria is located in this zip code.

Fifty-one units sold in zip code 22314 in February 2011. Key points in February's data:

Compared to the same month in 2010, aggregate dollar volume was significantly higher, up 75.08%. The number of units sold rose 54.55%. The average sales price increased 13.29%, but the median sales price was a smidgen lower, down less than 1%.
In terms of units sold, it was almost evenly divided between homes and condos. Condos accounted for 23 of the 51 units sold. The number of condos sold was 27.78% higher compared to February 2010. The average price for a condo was down 1.53%.
While unit sales were almost evenly divided, homes trounced condos in dollar volume. Homes represented about two-thirds of the dollar volume in February 2011; not really surprising since the average price of a home was 72% higher than that of a condo. Twenty-eight homes were sold, an 86.67% over February 2010. Average prices rose, too, up 15.29%. Three bedroom homes dominated that segment of the market.
Two attached 4 bedroom homes sold for more than $1MM; one for $1-2.49MM, the other for $2.5-4.9MM. Condos topped out at $800K, with 4 selling between $600-799K.

In February, zip code 22314 represented 50% of Alexandria's dollar volume and slightly less than 37% of unit sales. In comparison to Alexandria as a whole, its average price was 35.55% higher and its median price was 33.59% higher.

At February's sales rate there's a 3.65 month supply of condos and 3.89 months supply for houses listed in 22314. When I look more closely at the market by segmentation, it's a sellers market for all segments listed under $1MM. Above $1MM, I'd say those folks selling a home in that pricier segment will have a tougher time. Thirty of the 109 homes with active listings are priced at $1MM or more. Based on February 2011's sales, that's a 15 months supply. Nine of the 84 condos listed are priced at higher than $1MM.

The market in 22314 is recovering from its 2008 low, but it hasn't yet returned to the glory days of 2007. More homes closed or went under contract in February 2007 and, interestingly, fewer went under contract with contingencies.

The most critical factor in this February's better performance was the sale of 17 attached homes with 3 bedrooms and 5 attached homes with 4 or more bedrooms. In unit terms, these were increases exceeding 400% and with their higher average prices, they made a huge contribution to the total dollar volume closed last month.

My armchair analysis is that if you're looking for a home or condo in 22314 that's priced under $1MM, fast action and financial preparedness on your part will be important. If you can afford the pricier things in life, time may be on your side.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS January 2011 Sales Report: Zip Code 20015

2011-03-11T12:30:00.167-05:00

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

In this post, I look at January sales recorded for DC zip code 20015 using data released by MRIS. That zip code is roughly bordered by Western Avenue NW down to River Road NW on the west, Oregon Avenue NW / Rock Creek Park on the east, and Harrison Street NW / Nevada Avenue NW on the south. Generally speaking, it includes the Friendship Heights, Barnaby Woods, and Chevy Chase DC neighborhoods. Deer from Rock Creek Park can be seen munching on shrubbery in the neighborhood.

Only 14 units sold in zip code 20015 in January 2011. Key points in January's data:

YoY, aggregate dollar volume fell 11.6% and the number of units sold rose 16.67%. The aggregate average sales price dropped 24.23% and the median sales price was 38.45% lower.
Condos ruled 20015's housing market in January, accounting for 10 of the 14 units sold. The number of condos sold in January 2011 was more than double that of January 2010. The average price for a condo was up slightly more than a quarter, up 26.64%.
Unit sales for homes were half that of January 2010 and dollar volume was down 56.31%. Average prices were 12.61% lower.
Nothing sold for more than $1MM: 3 of the four homes sold for prices between $600 - $799K, one sold for $800-$999K; eight of the ten condos sold for $300-499K.

In January, zip code 20015 represented 4.06% of DC's dollar volume and 3.67% of unit sales. In comparison to the District as a whole, its average price was 10.31% higher and its median price was 19.21% higher.

Despite the low sales volume, at January's sales rate there's just slightly more than one month supply of condos and 5.5 months supply for houses listed in 20015. Right now it's a seller's market. To reinforce that point, MRIS records that January's sales were at 99.94% of list price. In other words, homes were selling at the asking price.

Since 2007, with the exception of January 2008, about 14 homes have sold each January. When you look at the MRIS data, 20015's overall January 2011 sales activity [contracts closed, homes under contract, homes with contingent contracts] is not only the highest since January 2007, it's double that month's total sales activity.

I think the differing sales mixes in January 2010/2011 explain many of the metrics (lower dollar volume, lower average sales price, lower median price) we see in January 2011. About 2/3 of sales in January 2010 were homes while in January 2011 lower priced condos represented 71% of units sold. MRIS doesn't provide insight into the types of units that went under contract in January, but of the 33 that were listed, 22 are homes and of those, 10 were listed at $1-2.49MM.

So we have a zip code where homes are selling at list, inventory is tight, and higher priced units dominate new offerings on the market. For those who want to purchase a home in 20015's neighborhoods and can afford to do so, I would say be prepared to move fast and to offer full price or more.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS January Sales Report: Zip Code 20002

2011-03-04T12:30:00.007-05:00

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

In this post, I look at January sales recorded for DC zip code 20002 using data released by MRIS. That zip code is roughly bordered by East Capitol Street on the south, North Capitol Street on the west, the Anacostia River on the east, and New York Avenue NE on the north. A wide variety of neighborhoods are encompassed within those borders: Bloomingdale, Capitol Hill, Eckington, Trinidad, and Gallaudet University. The hot H Street NE corridor is in this zip code, too, so I'm sure a lot of residents, wanna-be residents, and developers are interested in how the market's performing.

Forty-five units sold in zip code 20002 in January 2011. Key points in January's data:

YoY, aggregate dollar volume rose 54.7% and the number of units sold inched up 15.38%. The aggregate average sales price was up a healthy 34.07% and the median sales price was 40.61% higher.
Condos are a mere blip in the 20002 housing market. In January, they accounted for 4 of the 45 units sold, translating into a little more than 4% of the dollar volume. The number of condos sold in January 2011 was about half that of January 2010. The average price for a condo was down by almost a third, down 29.56%.
Homes had a good month. Three bedroom homes dominated the market, representing slightly more than half of all homes sold. YoY, dollar volume almost doubled, up 81.02%. Unit sales were up 32.26%% and the average price rose 36.87%.
No condo sold for more than $400K (!) and one home sold for $1MM-2.49MM. All told, 15 homes sold for more than $500K.

In January, zip code 20002 represented 11.14% of DC's dollar volume and 11.81% of unit sales, metrics close to that of zip code 20009. In comparison to the District as a whole, its average price was 5.69% less and its median price was 11.99% higher. I suspect that if the $1MM-2.49MM home were excluded from the mix, the average / median prices for 20002 would be much lower.

At January's sales rate there's a 14.3 months supply of condos and 3.44 months supply for houses listed in 20002. A seller's marketing for those with homes.

When you look at the MRIS data, overall January 2011 sales activity [contracts closed, homes under contract, homes with contingent contracts] is not significantly different from that of January 2010 except that the number of contingent contracts is much higher: 57 versus 37

If I were to characterize 20002 based on this data, I'd say it's a zip code where homes, not condos, dominate the market and average prices are lower than that of the District as a whole. In particular, attached homes (e.g., rowhouses) dominate unit sales and have experienced huge increases in dollar volume and average sales prices, with average prices for 2 bedroom and 4 bedroom homes increasing more than 100% compared to January 2010. That being the case, anyone buying in 20002 should understand that with homes selling fast and prices increasing, they have to move fast when they find the right home.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS Zip Code Report for January 2011: 20009

2011-02-26T09:00:00.000-05:00

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

In this post, I look at January sales recorded for DC zip code 20009 using data released by MRIS. That zip code is roughly bordered by Q St NW on the south, Connecticut Ave NW on the west, 11th Street NW on the east, and Irving Street NW on the north. The Dupont Circle [excluding Dupont Circle itself], Columbia Heights, and Adams Morgan neighborhoods are encompassed within those borders.

Forty-two units sold in zip code 20009 in January 2011. Key points in January's data:

YoY, aggregate dollar volume rose 71.01% and the number of units sold was 68% greater. However, aggregate average sales price was almost flat, up a mere 1.79%.
Condos made the market in 20009. In January, they accounted for ~75% of units sold and ~65% of the dollar volume. And yet their average price fell 6.52% YoY.
YoY, condo dollar volume was up 57.43%, unit volume was up 68.42%. Given that their average price fell, it appears to be a case of more units selling for lower prices.
January was a good month for homes. YoY, dollar volume doubled, up 102.89%. Unit sales rose 66.67% and the average price rose 21.74%.
No condo sold for more than $1MM and one home sold for $1MM-2.49MM.

In January, zip code 20009 represented 12.32% of DC's dollar volume and 11.02% of unit sales. In comparison to the District as a whole, its average price was 11.73% higher and its median price was 31.49% higher.

At January's sales rate there's a 3.97 months supply of condos and 2.8 months supply for houses listed in 20009. In other words, a tight market good for sellers.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

S&P/Case-Shiller Report: December 2010

2011-02-23T06:00:00.001-05:00

The S&P/Case-Shiller Home Price Indices report for December 2010 was releasedtoday. The sales data:

"show that the U.S. National Home Price Index declined by 3.9% during the fourth quarter of 2010. The National Index is down 4.1% versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate. As of December 2010, 18 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down compared to December 2009."

Only DC and San Diego experienced price growth compared to December 2009. The S&P/Case-Shiller graph depicts what may be a double dip in housing prices.

"The National Index is within a percentage point of the low it set in the first quarter of 2009. Despite improvements in the overall economy, housing continues to drift lower and weaker.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's.

YoY, DC prices rose 4.12%. However, prices were flat for the June - December period, rising only 0.22%.

The charts below reflect home price data for the Washington, DC MSA.

MRIS Report for January 2011: Zip Code 20003

2011-02-18T12:30:00.001-05:00

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

MRIS released its sales data for January last week. In this post, I look at sales recorded for DC zip code 20003. Roughly speaking, that zip code is bordered on the north by East Capitol Street, on the west by South Capitol Street, and by the Anacostia River. It includes the Capitol Hill, Hill East, and Navy Yard neighborhoods.

Only 18 units sold in zip code 20003 in January so the data are probably not statistically significant. However, key points in January's data:

YoY, aggregate dollar volume fell 25.72% and the number of units sold dropped 35.71%. Aggregate average sales price rose 15.55%.
Condo dollar volume fell by more than a third, down 37.7%. Home dollar volume was lower, too, down 22.01%.
Condo sales volume flew off the cliff like "Thelma and Louise", down 55.56%. Home sales volume was down 26.32%.
Despite the dearth of sales, average prices were up. Condo prices increased 40.17% and home prices were up 5.84%. No condo sold for more than $800,000 and no home sold for $1MM or more.

Zip code 20003 represented 5.92% of DC's dollar volume and 4.72% of unit sales in January. In comparison to the District as a whole, its average price was 25.23% higher and its median price was 29.71% higher.

At January's sales rate there's a 10.75 months supply of condos and 4.71 months supply for houses. In other words, great if you're selling a house, dire if you're trying to unload a condo.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

The rich are different

2011-01-31T06:00:00.031-05:00

My friends at Urban Turf recently posted an article about the apparent strength in sales of units costing more than $1MM. Having spoken to several real estate agents, they asked me for my take. While realtor anecdotes make for good copy, I trust data better.

And the data confirm the anecdotes. Although the idiots on Wall Street took us to the edge of total economic collapse and consequently froze the real estate market in in 2008, sales of units costing more than $1MM have been doing well for the the past three years. There's no disputing there was a bump in late 2008 when the Bagatelle-brunching morons made Treasury officials break down into tears, but generally unit sales in that stratospheric price level have been steady [refer to the chart below].

Key points:

Overall, total unit sales in 2010 were up 33.75% YoY, after falling 4.99% in 2009.
Condo sales in 2010 were 47.6% higher than 2009, which were 16.7% higher than 2009. Or, 2010 unit sales were 72.2% higher than 2008. The average monthly sales were 8 units.
Homes with 4 or more bedrooms ruled. In each of the three years, these units comprised about 67% of units sold. While unit sales fell 5.6% in 2009 YoY, 2010 sales were up 32.6% in 2010 YoY and 25.2% higher when compared to 2008. In 2010, 30 units were sold on average each month.
2010 was a good year for 3 bedroom units. After an awful 2009 when unit sales fell 21.7% YoY, 2010 unit sales rose 38.9% YoY. Average monthly sales were about 7 units.
Unlike its price "peers", units with 2 bedrooms or less have not had a good time. Interestingly, unit sales actually grew 8.3% YoY in 2009. In 2010, unit sales fell 30.8% and are about 25% less than 2008.

The charts below depict each year's sales for units costing $1MM or more.

S&P/Case-Shiller Report: June 2010

2010-09-01T15:04:00.000-04:00

The S&P/Case-Shiller Home Price Indices report for June 2010 was released this week. The report shows "show that the U.S. National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels. In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue."

YoY, DC prices rose 6.57%. However, it's interesting to note that since April, the YoY and Month/Month rate of increase, while positive, is declining to flat.

The charts below reflect home price data for the Washington, DC MSA.

MRIS July 2010 Housing Report

2010-08-23T06:00:00.039-04:00

MRIS released its data for July about two weeks ago. I think the report's a little deceptive. Yes, average prices are up. However, unit sales and dollar are down. It turns out that having 50 units sell for more than $1 million can sure juice the month's average sales price. Oh, and has anyone mentioned that inventory has exploded?

Key points in July's data:

YoY, aggregate dollar volume fell 7.02% and the number of units sold cratered 18.36% [I learned a new verb!]. However, average sales price rose an impressive 13.9%.
Condo dollar volume fell off a cliff, down 17.98%. Home dollar volume was comatose, down 0.4%.
Condo sales volume were pushed off the cliff, down 29.45%. Home sales volume was down 8.26%.
Average prices exhibited a split personality. Condo prices increased 16.26%, while home prices were up 8.57%.

At July's sales rate there's a 7.02 months supply of condos and 5.17 months supply for houses. More ominously, compared to June the condo inventory grew 23.3% while that of homes blossomed 35.73%.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

District Sales: June 2010 [preliminary]

2010-08-14T06:00:00.005-04:00

Well, I'm definitely back in the saddle again. I downloaded and have begun processing the District's sales data for June 2010. There's still much to do, but here are some preliminary data.

Average Sales Price

Number of Units Sold

MRIS July 2010 Sales Report: Preliminary data

2010-08-11T13:30:00.000-04:00

MRIS released July's data for sales of existing homes in the District yesterday. On the surface, prices appear to have risen significantly. Key points [YoY]:

Dollar volume was down 7.02%
Average price was up 13.9%, median increased 11.4%.
Unit sales volume [aggregate] was down 18.36%.
Home unit sales fell 8.52%; 50 homes sold for more than $1MM!
Condo unit sales were down a whopping 29.4% YoY although prices rose 16.26%; 9 sold for more than $1MM.

Sales prices were 94.46% of list. There is a 7.02 month supply of condos and 5.17 month supply of homes listed for sale.

I don't pay attention to the days on market metric since it can be gamed by listing agents. The significant data to me is:

The condo inventory doubled since June [as measured by units listed divided by the number sold in the month].
Unit sales are down.
Dollar volume is down.

I think that since so many properties sold for more than $1MM [59 out of 529], the average price metric is almost meaningless as serving as an indicator of the market's future performance.

Analysis forthcoming.

MRIS June 2010 Housing Report

2010-08-10T06:00:00.029-04:00

I'm back. My new venture's been launched and time [and the economy] will tell whether it's a success.

MRIS released its data for April, May, and June since my last post in March. Although it'll release its latest report for signed sales contracts for existing home and condos in the District on August 10, I thought I'd start catching up by posting data for June; April and May will follow. Need I say it? Dollar and sales volume up, prices flat to negative. Not much has changed!

Key points in June's data:

YoY, aggregate dollar volume increased 18.39% and the number of units sold increased 16.99%. However, average sales price rose a measly 1.19%.
Condo dollar volume fell 1.18%. Home dollar volume leapt 29.55%.
Condo sales volume increased 3.62%. Home sales volume grew 27.98%.
Condo prices dropped 4.63%, while home prices were up 1.23%, essentially flat.

Interestingly, at June's sales rate there's a 5.7 months supply of condos and 3.81 months supply for houses. Both metrics imply a tight market, which makes the flat price movement even curiouser. Moreover, compared to May the condo inventory grew 9.75% while that of homes fell 17.06%.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS March 2010 Housing Report

2010-05-03T21:18:00.004-04:00

Sorry for the long absence from this blog. I've been busy with a new project and it's been a huge time sink for me.

MRIS released its data for March signed sales contracts for existing home and condos in the District many days ago. Need I say it? Volume up, prices down.

Key points in March's data:

YoY, aggregate dollar volume increased 24.94% and the number of units sold increased 35.09%. However, average sales price fell 7.51%.
Condo dollar volume was slightly higher, up 4.83%. Home dollar volume, by comparison, was as high as a Wall Street liar's - er, "investment" banker's - bonus, up 41.48%.
Condo sales volume increased 18.68%. Home sales volume popped upward like a CDS on a AAA-rated synthetic CDO, up 48.85%.
Condo prices dropped like Lehman Brothers, down 11.67%, while home prices fell 4.95%.

Can you tell I just read Michael Lewis' "The Big Short"? Sophisticated investors, indeed.

At March's sales rate, there's a 7.41 months supply of condos and 4.67 months supply for houses. Which means that the market's soft for condos and hot for houses. I can attest to the latter. In my neighborhood, every house that has hit the market is under contract within a week.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS March 2010 Sales Report: Preliminary data

2010-04-13T11:58:00.004-04:00

While I was in New Orleans this past weekend, MRIS released March's data for sales of existing homes in the District. Prices continue to fall. Key points [YoY]:

Dollar volume up 24.94%
Average price is down 7.51%, median is down 5.6%
Unit sales volume [aggregate] is up 35.09%
Home unit sales up 48.84%; 30 homes sold for more than $1MM.
Condo unit sales are up 18.68% YoY, but prices fell 11.67% despite 12 condos selling for more than $1MM.

Sales prices were 92.67% of list, as in February [how likely is that?]. There is a 7.41 month supply of condos and 4.67 month supply of homes listed for sale.

Analysis forthcoming.

S&P/Case-Shiller: January 2010 report

2010-04-01T13:10:00.003-04:00

The S&P/Case-Shiller Home Price Indices report for January 2009 was released this week. The report shows "that the annual rates of decline of the 10-City and 20-City Composites improved in January compared to December 2009. In fact, the 10-City Composite is unchanged versus where it was a year ago, and the 20-City Composite is down only 0.7% versus January 2009. Annual rates for the two Composites have not been this close to a positive print since January 2007, three years ago."

“The report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading. Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s... Other recent data on housing also paint a mixed picture. Housing starts continue at extremely low levels, recent reports of home sales suggest the market remains difficult, and concerns remain about further foreclosures and a large shadow inventory of unsold homes. We are in a seasonally weak part of the year, but given the S&P/Case-Shiller Home Price data reported today, we can’t say we’re out of the woods yet.”

For the DC area, it looks like prices have stalled. Although up 3.52% YoY in January for the second consecutive month, after monthly declines since September 2006, the monthly price increases have stopped and actually declined 0.45% in January.

The charts below reflect home price data for the Washington, DC MSA.

MRIS February 2010 Housing Report

2010-03-14T07:00:00.000-04:00

MRIS released its data for February signed sales contracts for existing home and condos in the District a few days ago. We're back to the same old routine: volume up, prices down.

Key points in February's data:

YoY, aggregate dollar volume increased 28.21% and the number of units sold increased 34.63%, but average sales price fell 4.77%.
Condo dollar volume increased a healthy 23.38%. Home dollar volume was 30.92% higher.
Condo sales volume was up 46%. Home sales volume popped up 27.39%. In other words, home sales have returned to February 2008 levels while condo sales are about half that of the same month.
Condo prices dropped 15.49%, while home prices were up 2.77%.

At February's sales rate, there's a 9.25 months supply of condos and 7.05 months supply for houses. While that's a slight uptick for condos [+0.28%] and a tiny decline for homes [-0.6%] when compared to January, that's 60% and 42% higher than December's inventory, which isn't encouraging.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS February 2010 Sales Report: Preliminary data

2010-03-11T07:34:00.003-05:00

Yesterday MRIS released February's data for sales of existing homes in the District today. It looks like the market's softening again and is back to singing that old song: "Turn up the volume, turn down the price". Prices have resumed their downward trend. Key points [YoY]:

Dollar volume up 28.21%
Average price is down 4.77%, median is down 5.56%
Unit sales volume [aggregate] is up 34.63%
Home unit sales up 27.39%; 10.5% of homes sold for more than $1MM.
Condo unit sales up a whopping 46% YoY; only 1 condo sold for more than $1MM.

Sales prices were 92.67% of list. At February's sales pace, there is a 9.18 month supply of condos and 7.05 month supply of homes listed for sale; both metrics indicating weakening demand.

Analysis forthcoming [I promise!].

S&P/Case-Shiller:December 2009 report

2010-03-03T16:33:00.004-05:00

Jeez, has it really been almost two months since I last posted? My apologies, I've had a lot going on.

The S&P/Case-Shiller Home Price Indices report for December 2009 was released last week. The report shows "show that the U.S. National Home Price Index fell in the fourth quarter of 2009 but has improved in its annual rate of return, as compared to what was reported in the third quarter [2009]."

“As measured by prices, the housing market is definitely in better shape than it was this time last year, as the pace of deterioration has stabilized for now. However, the rate of improvement seen during the summer of 2009 has not been sustained,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “In the most recent months we are seeing fewer and fewer MSAs reporting monthly gains in prices. Only four cities saw month to month improvements in December over November, when you look at the raw data. We are in a seasonally slow period for home prices, however, so it is not surprising to see better statistics in the seasonally-adjusted data, where 14 of the markets and the two monthly composites all rose in December. Similarly, the National Composite fell by 1.1% in the fourth quarter, but rose by 0.3% on a seasonally-adjusted basis.”

For the DC area, sales prices declined 0.21% in December compared to November, but are up 1.41% YoY, the first positive YoY metric since September 2006!

The charts below reflect home price data for the Washington, DC MSA.

DC Home and Condo Prices: The iPhone App

2010-01-19T07:04:00.006-05:00

I'm pleased to announce that this blog is now an iPhone app! For those of you who don't have an iPhone, either buy one - this blog more than justifies the price! - or keep on walking. The app provides access to my blog postings and to tweets I send using my Twitter account, dchousingprices.

The app, "DC Prices", can be downloaded from the App store on your iPhone or from iTunes [link to app on iTunes]. And it's free!

For those who may want to create their own iPhone app, you may be interested to know I used a local company to create mine. Appmakr, officed in SE DC, has implemented a transformative process for app development that significantly lowers the barrier to entry into the iPhone app market. They've lowered the cost to create an app, taking it from the thousands of dollars to the hundreds of dollars [within certain parameters, of course]. Unfortunately, as I've recently discovered, all their good work in making it easier for folks to build iPhone apps can easily be throttled by the vagaries of Apple's gatekeepers to the iPhone App Store.

Below are images of the splash screen and the blog feed taken from my iPhone.

MRIS 2009 Full Year Report

2010-01-15T07:00:00.002-05:00

MRIS has not yet released its full year summary report for signed sales contracts for existing home and condos in the District during 2009. However, I have all the data so there's nothing stopping me!

In many ways, 2009 was a good year for residential real estate sales in the District. Generally, more units sold and the total value of homes sold increased in 2009, but prices fell. Key points are in the table below.

Highlights for the year YoY:

More homes and condos were sold. Sales volume grew 10.23% for condos and 22,63% for homes. All categories of homes experienced respectable sales growth in 2009.
Condo dollar volume increased 10.62%, but home dollar volume was essentially flat, up a mere 1.78%.
Although more units sold and the dollar volume grew, average prices were unchanged or negative. Condo prices tread water in 2009, up 0.35%. Home prices took a hit, down 17.01%. Every home category saw double digit price declines.

It's important to note that December 2009's prices were higher when compared to January 2009. In other words, the average price for a condo in December was 9.18% higher than January's average price. Similarly, the December home price was 1.03% higher and, overall, the average price in the District grew 3.36% January to December.

Looking at the graphs below, you'll observe that the number of condos and homes sold peaked in July - each subsequent month had lower sales volume except for spikes in October (homes) and November (condos).

Detailed Data

Monthly Price Movement

Monthly Dollar Volume

Monthly Sales Volume

Monthly Price Change (YoY)

Average Sales Price

Dollar Volume

Transaction Volume

MRIS December 2009 Housing Report

2010-01-12T07:00:00.002-05:00

MRIS released its data for December signed sales contracts for existing home and condos in the District today. Unlike the past few months, sales and dollar volume and prices are higher than the same period last year. While the YoY numbers look good, they aren't so spectacular when viewed within the context of the all sales in 2009 [more in my next post].

Key points in December's data:

YoY, December was a good month across the board. Aggregate dollar volume surged 41.65%, the number of units sold increased 23.63%, and average sales price was up 14.58%.
Condo dollar volume increased a respectable 37.04%. Home dollar volume was 44.29% higher.
Condo sales volume was up 8.33%; not robust, but decent. Home sales volume popped tall, up 36.56%.
For the first time in months, prices did not fall. Average prices rose 14.58%. Condo prices were up 26.5%, while home prices were similarly higher, up 5.66%.

At December's sales rate, there's a 5.76 months supply of condos and 4.96 months supply for houses. Both metrics are indicative of a tight housing supply. However, the condo supply grew 29.69% from November while that for homes fell 3.65%.

I've compiled full year sales information using MRIS data and will report that in my next post.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS December 2009 Sales Report: Preliminary data

2010-01-11T13:48:00.004-05:00

MRIS released December's data for sales of existing homes in the District today. It would appear prices have turned around. Key points [YoY]:

Dollar volume up 41.65%
Average price is up 14.58%, median is up 13.36%
Unit sales volume [aggregate] is up 23.63%
Home unit sales up 36.56%; 11.6% of homes sold for more than $1MM.
Condo unit sales up 8.3%; about 4% of condos sold for more than $1MM.

Sales prices were 92.67% of list. At December's sales pace, there is a 5.76 month supply of condos and 4.96 month supply of homes listed for sale.

Analysis forthcoming.

S&P/Case-Shiller: October 2009 report

2009-12-31T10:24:00.006-05:00

The S&P/Case-Shiller Home Price Indices report for October 2009 was released a few days ago. The report shows "that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading."

“The turn-around in home prices seen in the Spring and Summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis. All in all, this report should be described as flat.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip. Before jumping to conclusions, recognize that the one time that happened at the beginning of the 1980s, Fed policy saw dramatic reversals, which is very different from the stable and consistent Fed policy we have today. "
"...As of October 2009, average home prices across the United States are at similar levels to where they were in the autumn of 2003."

Of note for the DC area is that sales prices declined in October compared to September, the first month/month decline since March. Moreover, the rate of month/month price increases peaked in June and the slope of price increases turned negative. While we may bemoan the negative turn of events, homeowners should consider ourselves lucky compared to Las Vegas: prices there have declined for 38 straight months and are now about 5% higher than those of January 2000. Talk about a lost decade!

On another note, this is my 90th - and last - post for 2009. I hope you've found this blog to be informative and helpful, if not entertaining [who else in the blogosphere talks about Bagatelle-brunching-bonus-bagging-too busy-to-meet-with-the-President-who-saved-our-asses Wall Street idiots?]. I'd like to wish each of you a safe and prosperous 2010!

The charts below reflect home price data for the Washington, DC MSA.

Schadenfreude

2009-12-29T10:29:00.005-05:00

God love 'em, the WaPo made my day yesterday. Paul Schwartzman's article, "D.C. housing market's collapse lessens developers' swagger" describes the fall of the once mighty condo developer. The article's full of little nuggets from these former kings of the hill:

"The mood is a mood of humility and contriteness and self-reflection. There were a lot of people who were intoxicated by the times and the easy access to capital. A lot of them are gone."
"But we were just doing our job, taking on high-profile projects. I don't feel we were put in our place. We made some bad investments that didn't pan out. We lost money."
"You had a constant flow of money -- big money -- coming in... The idea was to make as much as possible and enjoy yourself."
"Of course, we got greedy... Everyone was greedy; we were aiming high... We're learning humility the hard way."
Developers remain adamant that they served Washington well, building wealth and reviving neighborhoods, even as they drove up prices and made some areas less affordable.
"We did wonderful things for the city... If the neighborhood's no longer completely down in the dumps, I also know it's harder to afford. It's an inevitable part of what we do. On a net basis, it was good for the city."

I don't know how to thank these guys for ratcheting up prices in the District so that you can't buy anything for less than $200,000. All those folks who bought condos in buildings like the Axis are thrilled to see their condos lose 20% of their value. And I'm sure all those folks who can no longer afford to live in the District are pleased, too. Might I add, as a taxpayer I'm simply delighted to bail out banks who lent money to these guys only to see their projects [and loans] go bust. Thankfully, none of the developers said they were doing God's work.

As I read this article, I concocted a fantasy where a few formerly-powerful, formerly-wealthy Bagatelle-brunching-bonus-bagging-too busy-to-meet-with-the-President-who-saved-our-asses Wall Street idiots confessed to the errors of their ways, as did these developers. I wonder if James Cameron would take a pitch for that movie as a sequel to "Avatar"? I've already got a title: "Avarice".

MRIS November 2009 Housing Report

2009-12-19T00:55:00.003-05:00

One dry, snow free day last week, MRIS released its data for November signed sales contracts for existing home and condos in the District. As in the reports for the preceding few months, sales and dollar volume are waaaaaaay up and prices are lower than the same period last year. More is selling, but for less. I must re-repeat: remember that we're now into the one year anniversary of the financial collapse kindly brought to us by the Bagatelle-brunching-bonus-bagging idiots who work on Wall Street so YoY numbers right now (sales and dollar volume) reflect the effects of last year's near economic meltdown.

Key points in November's data:

YoY, November was simply a blowout month. Aggregate dollar volume leapt 83.46%. The number of units sold almost doubled, up 98.08%.
Condo dollar volume more than doubled, hurtling 109.85%. Home dollar volume was respectable, too, surging 70.2%.
Condo sales volume was full or vim and vigor, too, bounding 118.25%. Home sales volume was no slouch, popping tall at 82.39%.
However, prices continued their downward spiral. Average prices fell 7.38%. Condo prices fell 3.85%, while home prices stumbled 6.68%. Only 4 bedroom homes experienced an increase in average sales price YoY, up 3.93%.

One thing that struck me is that the market doesn't seem to be behaving in a textbook manner. Eevery month since May there's been a 5-6 months supply of housing inventory listed and in November it shrunk even more to 4.44 months for condos and 5.15 months for months. Both metrics indicate a tightening supply of housing on the market. Yet prices still fall across the board, condos and homes. High demand and less supply don't normally equate to lower prices. So what's going on?

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS November 2009 Sales Report: Preliminary data

2009-12-14T13:03:00.002-05:00

MRIS released November's data for sales of existing homes in the District last Thursday. Prices continue to fall while more units are sold. Key points [YoY]:

Dollar volume boomed 83.46%
Average price is down 7.38%, median is down 6.43%
Unit sales volume [aggregate] is up a whopping 98.08%
Home unit sales up 82.39%
Condo unit sales up 118.24%

Sales prices were 92.64% of list. At November's sales pace, there is a 4.44 month supply of condos [a decrease from October] and 5.15 month supply of homes listed for sale [slightly less than October].

Before anyone starts popping the champagne bottle and getting their real estate license, remember that this data reflect the effects of the economic crisis brought upon us by Wall Street's Bagatelle-brunching-bonus-bagging idiots, the same idiots who, having tossed the global economy over the cliff only to be rescued from permanent unemployment by the US taxpayer, now somehow think they're the masters of the universe "doing God's work."

Analysis forthcoming.

District Sales: August 2009

2009-11-27T07:00:00.000-05:00

I've finished processing, geocoding, and uploading sales data for August 2009. The table below shows August 2009 average and median sales prices and unit volume by zip code and the percentage change from August 2008. Once again, sales volume up, prices down.

State of the Market

In August the District recorded 736 residential sales. Overall, prices were down, sales volume was up. District-wide, average sales price fell 11.98% and the median sales price fell 7.94%. Unit sales were up a healthy - nay, robust - 31.9%. Dollar volume grew 16.09%. Overall, although 178 more units sold in August than during the same month in 2008, the average sales price was $60,324 less.

The condo market sparkled with a 28.3% increase in unit sales and a 22.52% increase in dollar volume. Condo prices fell; average sales price lowered 4.5% while median prices declined 9.28%. The number of homes sold surged 35.15% and dollar volume was up 12.04%. However, average and median sales prices for homes fell again, down 17.1% and 9.7%, respectively.

Only Ward 6 had positive price growth in August. Despite that, all wards experienced higher unit sales.

Condo sales ruled Wards 1, 2, and 6, constituting 60% and 80.45%, and 52.63% of units sold, respectively.

Just about every neighborhood in the District saw declines in average and median prices.

Distribution of Sales

The chart below shows the distribution of August's recorded sales by sales price.

Detailed Data

Sales by Neighborhood

Category by Zip Code

Category by Ward

Disclaimer:

Unlike MRIS, my data and analyses include new units [primarily condos] so there will be some differences in my conclusions about the market's state compared to a similar analysis based solely on MRIS reports, which only report sales of existing units sold and/or listed by real estate agents.
This analysis is of sales recorded by the District during the month as opposed to sales settled in the month, which is what MRIS reports, so there may be some discrepancies because of timing issues. However, I believe the data do provide a helpful indicator of trends in the District.
Sales may have been recorded by the District's Recorder of Deed during the month yet may not appear in the District's real property sales database, my data source, many months later. Consequently, those sales will not be in the month's analysis.
My analysis is based on District sales and appraisal data that I've collected and processed. I've deleted those sales that appear to be of questionable data quality. Errors are always possible.
My analysis is limited to condos and single family homes; I omit properties the District classifies as multifamily conversions. I'm sure I'm excluding some properties that are legitimate single family homes, but I want to eliminate uncertainty.

S&P/Case-Shiller: September 2009 report

2009-11-24T17:00:00.001-05:00

The S&P/Case-Shiller Home Price Indices report for September 2009 was released today. The report shows "that the U.S. National Home Price Index improved in the third quarter of 2009, posting its second consecutive quarterly increase and further improvement in its annual rate of return."

“We have seen broad improvement in home prices for most of the past six months,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “However, the gains in the most recent month are more modest than during the seasonally strong summer months. Fewer cities saw month to month improvements in September than in August in both seasonally adjusted and unadjusted figures.”

YoY, DC area prices are 4.98% lower with prices increasing 0.9% August to September. It's important to note that's a slower rate of increase, the slowest since April 2009

The charts below reflect home price data for the Washington, DC MSA.

Half the story

2009-11-23T15:43:00.002-05:00

The National Association of Realtore (NAR) today released a report on sales of existing homes in October.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.
Lawrence Yun, NAR chief economist, was surprised at the size of the gain.

I won't go into an analysis of why it's not surprising that NAR's economist was surprised, I leave that to his fans. I will note, however, that it's only in paragraph 10 of a 19 paragraph report that NAR mentions that prices are down.

The national median existing-home price3 for all housing types was $173,100 in October, down 7.1 percent from October 2008. Distressed properties, which accounted for 30 percent of sales in October, continue to downwardly distort the median price because they usually sell at a discount relative to traditional homes in the same area.

The second sentence is an excellent example of a "blinding flash of the obvious". But, moving on, so of the 500,000 homes that sold in October, 150,000 of those sales were distressed properties? Why am I reminded of the line "we lose money on every sale but we make it up on volume"?

MRIS October 2009 Housing Report

2009-11-11T11:45:00.004-05:00

MRIS released its data for October signed sales contracts for existing home and condos in the District yesterday. As in the reports for the preceding few months, sales and dollar volume are up and prices are lower than the same period last year. More is selling, but for less. I must repeat: remember that we're now into the one year anniversary of the financial collapse kindly brought to us by the Bagatelle brunching idiots who work on Wall Street so YoY numbers right now (sales and dollar volume) reflect the effects of last year's near economic meltdown.

Key points in October's data:

YoY, aggregate dollar volume jumped 17.02%. Condo dollar volume leapt 30.52% and that of homes grew 10.49%.
Sales volume was strong, increasing 40.58% YoY. Condos and homes both shared in the positive growth, increasing 33.88% and 45.89%, respectively.
Prices continue their tailspin. Average prices fell 16.76%. Condo prices fell 2.51%, while home prices dropped 24.26%. As in September [and August], not a single home category experienced higher prices YoY.
At October's sales rate, there is a 6.11 month's supply of condo units on the market, 14.23% more than September. For homes, 5.27 months, 17.53% less.

By the way, if you ever want to hear what Bagatelle brunching idiots who work on Wall Street sound like, tune in to Sirius Radio on Saturdays from 3-6PM to listen to dance channel BPM's "Bagatelle Brunch" broadcast. If you listen real close between the sounds of David Guetta [turn off the sound before you click or you'll be rocking the house] and Paul van Dyk [someone is still using MySpace], you'll hear them laughing at us.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS October 2009 Sales Report: Preliminary data

2009-11-10T10:39:00.002-05:00

MRIS released October's data for sales of existing homes in the District today. Prices continue to fall while more units are sold. Key points [YoY]:

Dollar volume up 17.02%
Average price is down 16.76%, median is down 3.66%
Unit sales volume [aggregate] is up 40.58%
Home unit sales up 45.88%
Condo unit sales up 33.87%

Sales prices were 93.36% of list. At October's sales pace, there is a 6.11 month supply of condos [an increase from September] and 5.27 month supply of homes listed for sale [less than September].

Analysis forthcoming.

District Sales: August 2009 uploaded

2009-11-09T08:50:00.000-05:00

District sales data for August 2009 have been uploaded to DCHomePrices.com and DCCondoPrices.com. Analysis forthcoming.

S&P/Case-Shiller: August 2009 report

2009-10-28T15:30:00.002-04:00

The S&P/Case-Shiller Home Price Indices report for August 2009 was released yesterday. The report show "that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s [July] reading. This marks approximately seven months of improved readings in these statistics, beginning in early 2009."

“Broadly speaking, the rate of annual decline in home price values continues to improve” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The two Composites and 19 of the 20 metro areas showed an improvement in the annual rates of return, as seen through a moderation in their annual declines. Looking at the monthly data, 17 of the MSAs and both Composites saw price increases in August over July. While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement."

But there is a caveat.

"Once again, however, we do want to remind people of the upcoming expiration of the Federal First-Time Buyer’s Tax Credit in November and anticipated higher unemployment rates through year-end. Both may have a dampening effect on home prices.”

YoY, DC area prices are 8.22% lower, with prices increasing 1.43% July to August.

The charts below reflect home price data for the Washington, DC MSA.

Repeat after me...

2009-10-27T07:00:00.000-04:00

I've begun processing August's sales data. Based on what I've seen so far, I must ask the District government to repeat after me: it's TODD Place NE, not TOOD Place NE.

Thank you. You may now resume awarding contracts to our mayor's fraternity brothers.

MRIS September 2009 Housing Report

2009-10-20T05:26:00.003-04:00

MRIS released its data for September signed sales contracts for existing home and condos in the District a few days ago. As in its August [and July and June and May] report, sales and dollar volume are up and prices are lower than the same period last year. More is selling, but for less. Plus ça change... Before we get excited and go shopping, remember that we're now into the one year anniversary of the financial collapse kindly brought to us by the Bagatelle brunching idiots who work on Wall Street. So it ain't as good as it looks.

Key points in September's data:

YoY, aggregate dollar volume jumped 18.56%. Condo dollar volume surged 29% and that of homes grew 11%,
Sales volume was robust, increasing 34.96% YoY. Condos and homes both shared in the positive growth, increasing 41.75% and 28.84%, respectively.
Prices continue their tale of woe. Average prices fell 12.15%. Condo prices fell 8.98%, while home prices dropped 13.82%. As in August, not a single home category experienced higher prices YoY.
At September's sales rate, there is a 5.35 month's supply of condo units on the market, 8.82% more than August. For homes, 6.39 months, 15.9% more.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS September 2009 Housing Report [preliminary]

2009-10-13T07:00:00.000-04:00

MRIS released September's data for sales of existing homes in the District over the weekend. As in my District sales data, it shows that prices are falling, but volume is up. We're at the point where, at least in terms of dollar and sales volume, the metrics should be significantly higher than last year's, since we're marking the first anniversary of the financial collapse delivered to us by the Bagatelle brunching "kings" of Wall Street. Key points [YoY]:

Dollar volume up 18.56%
Average price is down 12.15%, median is down 4.7%
Unit sales volume [aggregate] exploded 34.96%
Home unit sales up 28.8%
Condo unit sales up a whopping 41.76%

Sales prices were 91.78% of list. At September's sales pace, there is a 5.35 month supply of condos and 6.39 month supply of homes listed for sale, slightly higher than the previous month.

Analysis forthcoming.

District Sales: August 2009 [preliminary]

2009-10-08T07:00:00.000-04:00

I've begun processing the District's sales data for August 2009. While I'm in the early stages, here's an early [unadjusted] peek at the data.

District Sales: July 2009

2009-10-06T07:00:00.000-04:00

I've finished processing, geocoding, and uploading sales data for July 2009. The table below shows July 2009 average and median sales prices and unit volume by zip code and the percentage change from July 2008. This blog is starting to sound like "99 Bottles of Beer on the Wall" - each month's verse is the same, it's just the month that changes. Once again, sales volume up, prices down. "Sell one more, for a lower price..." I think I'll stick to my day job.

I noticed our Canadian friends have bought another property, a rowhouse near the Capitol, paying slightly more than $2.2M. I guess the toonie goes further down here now.

State of the Market

In July the District recorded 760 residential sales. Overall, prices were down, sales volume was up. District-wide, average sales price fell 9.93% and the median sales price fell 10.2%. Unit sales were up 8.57%. The condo market suffered a 1.48% increase in unit sales and dollar volume declined 8.21%. The number of homes sold grew a healthy 15.19% and dollar volume was up a slight 1.58%. However, average and median sales prices for homes fell sharply, down 11.82% and down 19.57%, respectively. By my estimation, foreclosures accounted for 68 of the recorded sales, about 8.9% of sales.

All but two Wards saw declines in average and median prices; two (Wards 3 and 6) had positive price growth. Despite that, all but three had an increase in unit sales.

Condo sales ruled Wards 1 and 2, constituting 74.49% and 78.57% of units sold, respectively.

Almost all neighborhoods saw declines in average and median prices.

Distribution of Sales

The chart below shows the distribution of July's recorded sales by sales price.

Detailed Data

Sales by Neighborhood

Category by Zip Code

Category by Ward

Disclaimer:

Unlike MRIS, my data and analyses include new units [primarily condos] so there will be some differences in my conclusions about the market's state compared to a similar analysis based solely on MRIS reports, which only report sales of existing units sold and/or listed by real estate agents.
This analysis is of sales recorded by the District during the month as opposed to sales settled in the month, which is what MRIS reports, so there may be some discrepancies because of timing issues. However, I believe the data do provide a helpful indicator of trends in the District.
Sales may have been recorded by the District's Recorder of Deed during the month yet may not appear in the District's real property sales database, my data source, many months later. Consequently, those sales will not be in the month's analysis.
My analysis is based on District sales and appraisal data that I've collected and processed. I've deleted those sales that appear to be of questionable data quality. Errors are always possible.
My analysis is limited to condos and single family homes; I omit properties the District classifies as multifamily conversions. I'm sure I'm excluding some properties that are legitimate single family homes, but I want to eliminate uncertainty.

Fair warning to all home owners

2009-10-02T07:00:00.001-04:00

Happy Friday!

S&P/Case-Shiller: July 2009 report

2009-10-01T07:00:00.000-04:00

The S&P/Case-Shiller Home Price Indices report for July 2009 was released Tuesday. You could almost hear the champagne bottles popping all over the country, considering how the media reported it. The report show "although still negative, the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading."

“The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The two composites and all metro areas are showing an improvement in the annual rates of return, as seen through a moderation in their annual declines. Looking at the monthly data, the 10-City and 20-City Composites and 18 of the 20 metros areas increased in July. In addition, both Composites and 13 of the MSA have had at least three consecutive months of positive prints. These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer’s Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures.”

The report's chart shows that nationally, home prices are back to "the autumn of 2003" level. YoY, DC area prices are 9.81% lower. While prices continue to rise in the DC area, the price increase June/July was less than that of May/June.

The charts below reflect home price data for the Washington, DC MSA.

District Sales: July 2009 [by neighborhood]

2009-09-30T07:00:00.000-04:00

I've begun analyzing the District's sales data for July 2009. If all goes well, I should complete the analysis by week's end. Below is a table showing sales by District neighborhood. As usual, Old City I and Old City II dominate sales.

District Sales: July 2009 uploaded

2009-09-28T22:34:00.001-04:00

District sales data for July 2009 has been uploaded to DCHomePrices.com and DCCondoPrices.com. Analysis forthcoming.

District Sales: July 2009 [preliminary]

2009-09-24T07:00:00.000-04:00

I've begun processing the District's sales data for July 2009. While I'm in the early stages, here's an early [unadjusted] peek at the data.

MRIS Analyses: Year to date sales trends

2009-09-17T07:00:00.001-04:00

Using MRIS's 2009 data published to date [August], I thought it'd be interesting to see the sales trends for sales of existing homes and condos in the District.

Price Trend

Generally, prices are flat to slightly negative for the year. Compared to January, August's aggregate sales prices are 5.86% lower. Condos are down 6.33% and home prices are essentially flat, down 0.7%.

Price Change

Except for three months when condo prices spiked, YoY prices are in negative territory compared to 2008.

Sales Volume

What's particularly quite striking is the significant increase in sales volume as the year progressed, which I'm sure results in no small part from the Fed's efforts to create market liquidity through its purchase of $1.45T in mortgages. Despite the surge in sales, though, prices continue to slide.

MRIS August 2009 Housing Report

2009-09-16T07:00:00.000-04:00

MRIS released its data for August signed sales contracts for existing home and condos in the District last Thursday. As in its July report, sales and dollar volume are up and prices are lower than the same period last year. However, August's data were slightly weaker than July's. Where it was positive, it was not as positive.

Key points in August's data:

Overall dollar volume was flat, ticking upwards a slight 0.59%. Compared to July, Ausgust was a more temperate month for condos, with a 7.58% upward movement. Homes were down by 3.7%.
Sales volume was good, increasing 20.16% YoY, but, again, not as strong as July. Condos and homes both shared in the positive growth, increasing 16.54% and 23.89%, respectively.
Prices told a sad tale, each metric almost exactly matching July's performance. Average prices fell 16.29%. Condo prices fell 7.68%, while home prices tanked, dropping 22.27%. Not a single home category experienced higher prices in August.
At July's sales rate, there is a 4.92 month's supply of condo units on the market, 6.64% less than July. For homes, 5.51 months, 7.29% more.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

District Sales: June 2009

2009-09-15T07:00:00.002-04:00

Hello, how are you? Long time, no data! Ever since I returned from Australia last December, I keep falling into the trap of having to process three month's worth of data at a time. It's a killer. Anyway, I've finished processing, geocoding, and uploading sales data for March through June 2009. I don't plan to perform an analysis of March - May's sales data, but I will soon post sales listings for purchase, yours for the incredible price of $0.99!

The table below shows June 2009 average and median sales prices and unit volume by zip code and the percentage change from June 2008.

There are still a lot of foreclosures working through the system. I counted 47 probable foreclosures in the data.

State of the Market

In June the District recorded 710 residential sales. Overall, prices were down, sales volume was up. District-wide, average sales price fell 11.67% and the median sales price fell 3.65%. The condo market suffered a 1.21% drop in unit sales and dollar volume declined 6.77%. The number of homes sold grew a robust 25.08% and dollar volume was similarly positive, up 2.11%. However, average and median sales prices for homes fell, down 18.37% and down 8.97%, respectively.

All Wards saw declines in average prices and only two (Wards 1 and 3) had positive median price growth.

Condo sales ruled Wards 1 and 2, constituting 71.3% and 76.72% of units sold, respectively.

Distribution of Sales

The chart below shows the distribution of June's recorded sales by sales price.

Detailed Data

Sales by Neighborhood

Category by Zip Code

Category by Ward

Disclaimer:

Unlike MRIS, my data and analyses include new units [primarily condos] so there will be some differences in my conclusions about the market's state compared to a similar analysis based solely on MRIS reports, which only report sales of existing units sold and/or listed by real estate agents.
This analysis is of sales recorded by the District during the month as opposed to sales settled in the month, which is what MRIS reports, so there may be some discrepancies because of timing issues. However, I believe the data do provide a helpful indicator of trends in the District.
Sales may have been recorded by the District's Recorder of Deed during the month yet may not appear in the District's real property sales database, my data source, many months later. Consequently, those sales will not be in the month's analysis.
My analysis is based on District sales and appraisal data that I've collected and processed. I've deleted those sales that appear to be of questionable data quality. Errors are always possible.
My analysis is limited to condos and single family homes; I omit properties the District classifies as multifamily conversions. I'm sure I'm excluding some properties that are legitimate single family homes, but I want to eliminate uncertainty.

MRIS August 2009 Sales Report: Preliminary data

2009-09-11T13:48:00.003-04:00

MRIS released August's data for sales of existing homes in the District yesterday. As in my District sales data, it shows that prices are falling, but volume is up. Unclear how much of that is driven by foreclosures. Key points [YoY]:

Dollar volume flat, up a mere 0.59%
Average price is down 16.29%, median is down 7.59%
Unit sales volume [aggregate] surged up 20.16%
Home unit sales up 23.9%
Condo unit sales spiked up 16.54%

Sales prices were 92.49% of list. At August's sales rate, there is a 4.9 month supply of condos and 5.54 month supply of homes listed for sale, which would normally be an indicator of a tight market.

Analysis forthcoming.

District Sales: June 2009 [By Neighborhood]

2009-09-10T22:24:00.003-04:00

OK, I've started analyzing the sales data I just finished processing. The table below shows District prices and sales volume for June 2009, by neighborhood. Old City I and II had the lion's share of the month's transactions.

As you can see below, compared to June 2008, 73 more homes/condos sold in June 2009, but average/median prices fell and total dollar volume fell, too.

On another note, as you can see [waaaay down at the bottom right of this page] I've started investigating what I can do with this site and the "Facebooks". I've even started a Group, DCHousingPrices.com. Given that the NY Times is reporting people are leaving Facebook, maybe I've missed the boat on this one. Should I check out MySpace?

Sales data uploaded

2009-09-10T06:40:00.002-04:00

Sales data through June 30, 2009 has been uploaded to DCHomePrices.com and DCCondoPrices.com. Analysis forthcoming.

I gotta quit falling behind - this is killing me. It would be easier if the District quit misspelling its own street names, too. Repeat after me: Sedgwick, not Sedgewick. Runnymede, not Runnymeade.

S&P/Case-Shiller: June 2009 report

2009-08-25T15:45:00.003-04:00

The S&P/Case-Shiller Home Price Indices report for June 2009 was released today. The report show "show that the U.S. National Home Price Index improved in the second quarter of 2009."

“The S&P/Case-Shiller U.S. National Home Price Index – which covers all nine U.S. census divisions – recorded a 14.9% decline in the 2nd quarter of 2009 versus the 2nd quarter of 2008. While still a substantial negative annual rate of return, this is an improvement over the record decline of 19.1% reported in the 1st quarter of the year. ”

The report's chart shows that nationally, home prices are back to "their early-2003 levels." YoY, DC area prices are 11.69% lower. However, prices have increased each month since March 2009. The DC area's home price index is close to that of December 2008.

The charts below reflect home price data for the Washington, DC MSA.

MRIS July 2009 Housing Report

2009-08-18T02:22:00.006-04:00

Despite my being on vacation last week, MRIS insisted on adhering to its schedule and last Monday released July's data for signed sales contracts for existing home and condos in the District. Sales and dollar volume are up and prices are lower than the same period last year. So, yes, sales are up and yes, the supply is dropping, but prices are still falling. Keep the champagne on ice [if you're a seller].

July's data are interesting:

Overall dollar volume was up 6.73%. It was an explosive month for condos, with a 22.35% upward movement. Homes ticked down by 0.91%. Attached homes were uniformly positive in their performance for the month.
Sales volume was tremendous, increasing a robust 28.06% YoY. Condos and homes both shared in the positive growth, increasing 29.29% and 26.97%, respectively.
However, all was not rosy if you were a seller: average prices fell 16.66%. Condo prices fared better, only declining 5.37%, while home prices tanked, dropping 21.96%. Not a single home category experienced higher prices in July.
Of all homes and condos sold, 46 units - 7.1% of all sales - sold for more than $1MM.
At July's sales rate, there is a 5.27 month's supply of condo units on the market, 13.86% less than June. For homes, 5.14 months, 6.97% less. Compared to July 2008, the number of condos listed grew 3.5% and fell 2.7% for homes.

Side note: I'm still processing District sales data for March - June. Before I can complete that work, upload the data, and post an analysis, I first need to attend to my "extensive" IT infrastructure and modify some Excel VB code that, quite honestly, makes this a more onerous task than it should be.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

Vaca!

2009-08-08T07:00:00.001-04:00

We're off to the beach for the next few days. Why let Congress have all the fun?

Don Rickles says it all!

What's a seller to do?

2009-08-05T16:18:00.002-04:00

So let's say you're this seller and you're trying to sell a rowhouse in DC:

You read that home sales increased in June.
The S&P Index is up 11% YTD.
But, as of June 2009, the YoY US inflation rate is -1.4%.
And, foreclosures account for a significant proportion of all home sales, nationwide.
Your house, well situated a block from I-295, has been on the market for more than 90 days.
In fact, its construction hasn't even been completed.

What do you do? Raise its price by 4.76%, of course. That'll draw in the buyers!

Back in the saddle again

2009-08-04T07:00:00.000-04:00

It's been a while since I've been able to do it, but I've begun processing sales data for the District. The table below depicts District sales for March - June 2009.

As you can tell, I've got a lot of data to process.

Go pound sand

2009-08-03T11:34:00.003-04:00

My buddies at UrbanTurf brought this news article from last weekend's WaPo to my attention. All I can say is, it irritated me to no end.

Home buyers in much of the Washington area had better be prepared to tell the sellers what their salaries are and how much cash they have in the bank. And they will be expected to lay bare such financial details before they even learn whether the seller is seriously considering the offer, and long before a final price has been negotiated...
"That long has been the custom, and I think an appropriate custom," said Dale Mattison, a broker with Long & Foster in Bethesda. "If you are a buyer, you are asking a seller to take the property off the market and to do so with a significant degree of good faith."

Some people still think this is 2005, although today the justification's different: then it was "a seller's market," now it's "custom." Shall we discuss other things that were "custom" until outlawed by the feds? It's neither the broker's nor the seller's right to see the buyer's finances. That's between the buyer and the mortgage company. All anyone has a right to see is documented evidence, e.g., a pre-approval letter, that the buyer is capable of buying the house for the agreed to price. Regardless of whether you believe the pre-approval letter, the standard contract has a financing clause that handles the situation.

"I want to see what their income is. I want to see the cash," said Jane Fairweather, a Coldwell Banker agent in Bethesda. "I want to know where are the dollars they are going to use, not only for the down payment, but for the closing costs. If they're putting 20 percent down, I want to see 25 percent in cash."

Guess what? If I'm the buyer, you're not going to see it. You're not a licensed mortgage broker, you're not a certified financial planner, so how the hell do I know whether you understand what you're reading? Apologies to my real estate agent friends out there, but some real estate agents I used to work with could barely do 7th grade algebra.

I understand agents are protecting their clients' best interests, but if they feel the information presented during execution of the standard transaction process is insufficient or that there are flaws in the process, then there's an easy solution: modify the standard real estate sales contract. Quit imposing extra-contractual information requirements on the process.

In this market, might I suggest a new "custom": tell the seller to pound sand and move on.

S&P/Case-Shiller: May 2009 report

2009-07-28T13:15:00.003-04:00

The S&P/Case-Shiller Home Price Indices report for May 2009 was released today. The report says "although still negative, the annual rate of decline of the 10-City and 20-City Composites improved for the fourth consecutive month in 2009." Left unsaid [again] was that some of the lowest mortgage rates on record were available in April, rates that have increased since.

“The pace of descent in home price values appears to be slowing” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “There is a clear inflection point in the year-over-year data, due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005. In addition to the 10-City and 20-City Composites, 17 of the 20 metro areas also saw improvement in their annual returns compared to those of April. Looking at the monthly data, 13 of the 20 metro areas reported positive returns; and the 10-City and 20-City Composites reported positive returns for the first time since the summer of 2006. To put it in perspective, these are the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing”.
“While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation.” Mr. Blitzer added.”

While the media seems to be breaking out the champagne, let's not forget, as pointed out here, that "prices are still high relative to incomes and rents." Homes in the DC area are still about 61% more expensive than May 2000. YoY, DC area prices fell 14.93% and, from April to May, prices increased 1.31%. The DC area's home price index is close to that of February 2004.

The charts below reflect home price data for the Washington, DC MSA.

MRIS June 2009 Housing Report

2009-07-23T22:33:00.003-04:00

I'm embarrassed to say it, but I've become such a suburbanite. We're still unpacking the house and are still adjusting to new ways of doing / storing things and yet, that hasn't stopped me from obsessing about my new toy: a Weber grill, Performer model. I've got the tools, I've attached the cute little propane gas tank, and Friday night, after a quick trip to Costco for beer and chicken, I'm firing it up for a test grill in preparation for the grandkids visit on Sunday.

MRIS released June's data for signed sales contracts for existing home and condos in the District during May 2009 almost two weeks ago. My interpretatio of the data is that although sales volume is up, prices are lower than the same period last year. In contrast to May, the condo market was better: prices up 2.38%, sales volume up 5.34%. Sales of high prices homes, those costing more than $1M, continue to skew the market; 43 homes - 12.8% of all home sales - sold for more than $1MM.

June's data are radically different than May's:

Dollar volume is up 4.36%. That of condos ticked upwards by 2.38% and grew 5.52% for homes.
Sales volume grew 11.27%. Condo unit sales increased 5.34% while homes rose 16.67%.
However, average prices fell 6.21%. Condo prices were 2.81% lower, homes fell 9.55%.
At June's sales rate, there is a 6.11 month's supply of units on the market. For homes, 5.52 months. Compared to June 2008, the number of condos listed grew 3.75% and fell 2.16% for homes.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

MRIS June 2009 Sales Report: Preliminary data

2009-07-10T10:42:00.002-04:00

MRIS released June's data for sales of existing homes in the District today. A huge number of properties sold for more than $1MM, 51 of 612 sales. Key points [YoY]:

Dollar volume up 4.49%
Average price is down 6.25%, median is down 1.67%
Unit sales volume [aggregate] up 11.27%
Home unit sales up 16.67%
Condo unit sales up 5.34%

Sales prices were 92.51% of list. At June's sales rate, the condo market has a 6.07 month supply listed for sale, which is actually a sign of a normal market.

Analysis forthcoming.

MRIS May 2009 Housing Report

2009-07-05T22:17:00.006-04:00

It's been almost a month since MRIS released its data for signed sales contracts for existing home and condos in the District during May 2009. Since June's data will be released in 5 days, here's an abbreviated synopsis of May's data. The condo market is on life support. Home prices are being propped up by the high end market; 27 homes - 10% of all home sales - sold for more than $1MM. If it weren't for those homes, I suspect average home prices would have been even lower.

In May's data we see:

A huge drop in dollar volume, down more than 20%. That of condos fell 29.25% YoY and dropped 16.34% for homes.
Overall, 9.19% fewer units sold. Condos fell 20.66% while homes rose 2.67%.
Average prices fell 13.34%. Condo prices were 10.82% lower, homes fell 18.51%.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume