DC Home and Condo Prices

Refinancing in Light of Sinking Home Values

noreply@blogger.com (dchousingprices@gmail.com) — Wed, 01 Feb 2012 11:00:00 +0000

The following post was written by guest blogger Jonah Trenton. It may interest those of you who want to refinance your mortgage.

Refinancing Underwater Mortgages in DC

The criteria for refinancing a mortgage through a traditional lender typically require some degree of equity in the property. At the very least, homeowners should not owe more than the home's value, a situation known as being underwater, in order to qualify for the best refinance rates. After the housing market crashed in 2008-09, many homeowners found themselves struggling to refinance their mortgages in light of sinking home values and disappearing equity.

As of mid-2011, an estimated 22.5 percent of homeowners nationwide were underwater in their mortgages. In the Washington, DC area, homeowners fair slightly better, with an estimated 14 percent underwater, compared to more than 23 percent in Virginia and Maryland. While the DC area is performing better that surrounding areas in terms of real estate values, this does not sooth the struggling homeowner whose home has lost significant value. There is, however, hope for refinancing, even for borrowers underwater with their current mortgage.

Home Affordable Refinance Program

The Home Affordable Refinance Program, better known as HARP, was designed to help homeowners refinance their homes with stable, affordable mortgage terms. A joint effort by the Department of the Treasury and HUD, the HARP concept was designed to address the problem of lost home value compared to mortgage balance owed. Certain criteria are required in order for a borrower to qualify for a HARP loan.

Primarily, borrowers must be current on all mortgage payments, with no more than one late payment in the previous 12 months. Additionally, the loan must be owned by Freddie Mac or Fannie Mae. Initially, the ratio of loan to home value had to meet qualifying criteria, but those standards were changed in 2011. Under both the original HARP guidelines and current guidelines, condominiums financed through Freddie Mac or Fannie Mae are also eligible for refinancing assistance.

Individual lenders are responsible for processing and approving applications. Not all mortgage servicing companies make HARP available, as involvement with Freddie Mac or Fannie Mae is required. If available through a lender, refinancing under HARP does require the origination of a new loan, with all the subsequent fees and underwriting requirements typical of a refinance. The program does not guarantee the best refinance rates, but instead strives to help homeowners refinance into a more affordable payment and interest rate.

Conforming Mortgage Limits and Hardest Hit Areas

For borrowers looking to refinance an underwater mortgage through HARP, there are conforming loan limits to consider. Fannie Mae, for example, has two conforming limits, depending on the home's location. For most areas, the conforming loan limit is $417,000. For high-cost areas, such as San Francisco and Washington, DC, regulations allow for the use of a different conforming loan limit specifically for high-cost areas.

In the DC area, the conforming loan limit for a first mortgage is $625,500. However, if a homeowner or condominium owner has experienced unemployment since October, 2010 and has or is receiving unemployment benefits, there may be additional programs to help homeowners prevent foreclosure and prepare for refinancing. The Hardest Hit Fund through the District of Columbia Housing Finance Agency is a federally funded program designed to help homeowners prevent foreclosure through mortgage payment assistance. The program has strict qualifying criteria, but offers a forgivable loan to help maintain payments or catch up delinquent payments.

FHA Streamline Refinance Program

Whether a borrower qualifies for HARP or not, there are options available for refinancing, even when the value of the home has dropped. For example, borrowers with The Federal Housing Administration (FHA) mortgages may be eligible for streamline refinancing. Like HARP, the FHA Streamline Refinance program may not offer the best refinance rates, depending on the borrower's credit history and income, but the program does help homeowners who are under water with their mortgages.

Various criteria and terms are available through FHA lenders provided the mortgage is current, the loan is insured through FHA, the refinance lowers monthly payments and no equity is cashed out. As with HARP loans, loans eligible for FHA streamline refinancing vary, depending on specific lender terms. Some borrowers may qualify for no-cost refinancing with a higher interest rate. Others may have their closing costs rolled into the new loan, to take advantage of lower rates.

Individual Lender Refinance Programs

For homeowners whose loans are not owned by Freddie Mac, Fannie Mae or FHA, many individual lenders offer programs to help refinance underwater mortgages. No matter what lender owns the mortgage note, borrowers should start the refinance process by first asking their current lender what programs the lender offers and for which programs the borrower qualifies. From there, the borrower can pursue other options to ensure the best refinance rates and terms for their situation.

MRIS October Sales Report: Zip Code 20009

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 25 Nov 2011 17:00:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 23 Sep 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Sat, 17 Sep 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 02 Sep 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Sun, 28 Aug 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 19 Aug 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 12 Aug 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Thu, 04 Aug 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 29 Jul 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Sun, 24 Jul 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 15 Jul 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Sat, 09 Jul 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 01 Jul 2011 16:30:00 +0000

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

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 24 Jun 2011 16:30:00 +0000

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

Nine units sold in 20012 in May 2011. Key points in May's data:

Aggregate dollar volume was down 4.55% over the same month in 2010. Unit sales fell 30.77%%. The average and median prices for a home were up 37.88% and 31.25%, respectively.
The average price for a condo was $340,000 and $527,000 for a house.
Two of the homes sold in May were foreclosures. The median price for the foreclosed homes was $207,500.
While 9 sales seems low, it's been the typical sales pace for 8 of the past 12 months in 20012.
The sole condo sale was priced between $300-399K. Three houses sold for $500-799K, one house sold for between $1-2.49MM, the remainder were priced below $400K.

20012 represented 1.4% of May's dollar volume. The zip code's average price was 3.9% lower than the District's average; its median price was the same as the District's. The zip code's sales volume represented 1.46% of all units sold in May.

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

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

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

Detailed Data for the Month

Average Sales Price

Dollar Volume

Transaction Volume

Monthly Data for the Past Year (by Housing Type)

Units Sold

Median Sales Price

Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS April 2011 Sales Report: Zip Code 20019

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 10 Jun 2011 16:30:00 +0000

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

Thirty-three units sold in zip code 20019 in April 2011. Key points in April's data:

Aggregate dollar volume was up 1.19% over the same month in 2010. Unit sales fell, however, down 2.94%. The average and median prices for a home were up 4.26% and 32.38%, respectively.
Thirty-three houses sold in April 2011 compared to 34 in April 2010. This is the first time I've seen a zip code where no condos were sold.
All houses sold for less than $300K. Fifteen houses sold for $150-300K.

Zip code 20019 represented 1.64% of April's dollar volume. The zip code's average price was 73.52% lower than the District's average and its median was 65.16% lower. The zip code's sales volume represented 6.18% of all units sold in April.

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

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

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

Detailed Data for the Month

Average Sales Price

Dollar Volume

Transaction Volume

MRIS April 2011 Sales Report: Zip Code 20001

noreply@blogger.com (dchousingprices@gmail.com) — Sat, 04 Jun 2011 16:30:00 +0000

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

Thirty-seven units sold in zip code 20001 in April 2011. Key points in April's data:

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

Zip code 20001 represented 6.26% of April's dollar volume. The zip code's average price was 9.6% lower than the District's average and its median was 5.51% higher. The zip code's sales volume represented 6.93% of all units sold in April.

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

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

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

Detailed Data for the Month

Average Sales Price

Dollar Volume

Transaction Volume

Monthly Data for the Past Year (by Housing Type)

Units Sold

Median Sales Price

Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS April 2011 Sales Report: Zip Code 20036

noreply@blogger.com (dchousingprices@gmail.com) — Sat, 28 May 2011 16:30:00 +0000

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

Average Sales Price

Dollar Volume

Transaction Volume

Monthly Data for the Past Year (by Housing Type)

Median Sales Price

Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS April 2011 Sales Report: Zip Code 20814

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 20 May 2011 16:30:00 +0000

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

Dollar Volume

Dollar Volume in Zip Code 20814 in April 2011

Transaction Volume

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

Average Sales Price by Number of Bedrooms

MRIS March 2011 Sales Report: Zip Code 20016

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 13 May 2011 16:30:00 +0000

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

Transaction Volume

March 2011 unit sales for 20016

MRIS March 2011 Sales Report: Zip Code 22209

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 06 May 2011 16:30:00 +0000

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

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 March 2011 Sales Report: Zip Code 20005

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 29 Apr 2011 16:30:00 +0000

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

Eleven units sold in zip code 20005 in March 2011. Key points in March's data:

Compared to the same month in 2010, aggregate dollar volume was down 13.6%. The average sales price rose 41.39% and the median sales price was up 30.59%.
The average price for a condo rose 36.72%. No homes were sold in March. Few homes have sold in 20005 during the past 12 months so the fact that none sold in March isn't that unusual.
The 11 condos sold for prices between $200K-2.5MM. The one condo that sold for $1-2.5MM probably skewed all the metrics reported in this post.
Unit sales for condos fell by 35.29% resulting in a 11.53% reduction in dollar volume.

Zip code 20005's dollar volume in March 2011 was 2.32% of the District's total that month. Its average sales price was 16.64% higher than that of the District as a whole; the median sales price, 37.55% higher. The zip code's 11 units were 1.99% of all units sold in the District.

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

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

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

Detailed Data for the Month

Average Sales Price

Dollar Volume

Transaction Volume

Monthly Data for the Past Year (by Housing Type)

Units Sold

Median Sales Price

Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS March 2011 Sales Report: Zip Code 20008

noreply@blogger.com (dchousingprices@gmail.com) — Sat, 23 Apr 2011 13:08:00 +0000

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

Thirty-three units sold in zip code 20008 in March 2011. Key points in March's data:

Compared to the same month in 2010, aggregate dollar volume was significantly higher, up 108.81%. The average sales price rose 20.22%, but the median sales price fell 31.85%.
Twenty-four condos and nine homes sold in March. The average price for a home rose 80.52% and 19.44% for condos. The number of homes sold in March, 9, is far less than the monthly average for homes during the last twelve month, 31.
Eight of the nine homes sold in March were sold for more than $1MM. Four sold for $1-2.5MM and 4 sold for $2.5-5MM. No condo sold for more than $800K.
Dollar volume for homes rose 80.52% and for condos, up a mere 186.67%.

Zip code 20008's dollar volume in March 2011 was 11.18% of the District's total that month. Its average sales price was 87.4% higher than that of the District as a whole; its median sales price, 40.97% higher. Its 33 units were 5.97% of all units sold in the District.

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

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

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

Detailed Data for the Month

Average Sales Price

Dollar Volume

Transaction Volume

Monthly Data for the Past Year (by Housing Type)

Units Sold

Median Sales Price

Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS February 2011 Sales Report: Zip Code 20020

noreply@blogger.com (dchousingprices@gmail.com) — Sat, 16 Apr 2011 16:30:00 +0000

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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Transaction Volume

Monthly Data for the Past Year (by Housing Type)

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Average Sales Price

Average Sales Price by Number of Bedrooms

MRIS February 2011 Sales Report: Zip Code 20912

noreply@blogger.com (dchousingprices@gmail.com) — Fri, 08 Apr 2011 16:30:00 +0000

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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Dollar Volume

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Monthly Data for the Past Year (by Housing Type)

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Median Sales Price

Average Sales Price

Average Sales Price by Number of Bedrooms