Housing Market Watch: 20003

by Keith Gibbons

UrbanTurf is proud to welcome a new contributor to the site this week — Keith Gibbons. Some readers may recognize Keith’s name as he is the brains behind DCHousingPrices.com. Every other week, Keith will be analyzing recent MRIS statistics for a DC zip code to help paint a picture of the housing market in that area.

In Housing Market Watch this week, UrbanTurf analyzes recently-released home sales statistics for the 20003 zip code. Roughly speaking, that zip code is bordered on the north by East Capitol Street, on the west by South Capitol Street, and to the south and east by the Anacostia River. It includes portions of Capitol Hill, Hill East, and the Navy Yard neighborhoods.

Only 18 units sold in 20003 in January, so the data set is not very statistically significant. However, here is a chart providing a year-over-year comparison of sales volume, median price and average price:

20003 Market Summary
  • Year over year, aggregate dollar volume fell 25.72 percent and the number of units sold dropped 35.71 percent.
  • Despite the dearth of sales, average prices were up. Condo prices increased 40.17 percent and home prices were up 5.84 percent (more details below). No condo sold for more than $800,000 and no home sold for over $1 million.
  • Condo sales volume was down 55.56 percent. Home sales volume was down 26.32 percent.

20003 represented 4.72 percent of total unit sales in the District in January. However, in comparison to the rest of the city, the median price of homes sold in the zip code was 29.71 percent higher. At January’s sales pace (a typically slow month for home sales) there is a 10.75 months supply of condos in 20003 and a 4.71 months supply for houses. The latter stat is great if you’re trying to sell a house, but makes for slim pickings if you are trying to buy one.

Below are charts that provide more detailed statistics of the market in 20003.

Average Price
Unit Sales Volume
Dollar Volume

See other articles related to: market watch, hill east, dclofts, capitol hill

This article originally published at http://dc.urbanturf.com/articles/blog/housing_market_watch_20003/2990


  1. Mike said at 2:41 pm on Monday February 14, 2011:

    Interesting analysis.  I’ve been watching this market very closely over the past 9 months, and this is in line with my observations. I’ve been primarily been looking at 2 bedrooms due to price range, and find that inventory is really small (and moves very quickly to sales).  If you move into the NE market (above Capitol and below H Street) there are more plentiful offerings and a bit more attractive pricing from a buyer’s perspective, and so buyers may want to explore that area as an alternative if nothing can be found in 20003.

  1. Nick said at 3:20 pm on Monday February 14, 2011:

    Mike - What zips would that area encompass? I am sure I could look but figure it would be a quick question here smile

    Agree with your thoughts and I don’t understand why the H - E. Cap area is not inflated a bit more. With all the development happening on H street it could end up being a very wise investment, no?

    Captcha: national26

  1. w said at 3:28 pm on Monday February 14, 2011:

    As a resident of 20003, I’ll second that this is an intersting anaylsis

    I’m no statistician—if the median price is higher on lower volume year over year, does that mean that supply is short of demand, or does the small sample size and lower volume suggest a flat market with outliers skewing prices upward?

    January is often slow because the stats are based on completed sales, which would likely reach agreement around the end of year holiays.  But January of one year should be consistent with any other January.

  1. Mike said at 4:11 pm on Monday February 14, 2011:

    20002 is the zip code that encompasses the area below H down to Capitol (it also covers other areas too).  I’m seeing a lot of places above Lincoln Park for sale, and from what I can tell, a decent discount off the 20003 prices.  As H street continues to develop and more public transportation options (e.g., the street car) come to fruition, I think that area will continue to appreciate.  20003 has Eastern Mkt, 3 metro stops and a very well established neighborhood on its side which hold prices steady and rising a bit. 

    My experience with watching 20003 is that it’s very short on supply.  I ran a sample of homes in 2 bedroom 400-600 price range in the last year, and it was only about 30 total sales in the past year for the areas of 20003 that’s west of 11th street and south of Capitol.  Currently in that price range, I think there are only 2 or 3 on the market. One is a total rehab job needed (Duddington Place), the others are condos.

  1. H Street Landlord said at 6:32 pm on Monday February 14, 2011:

    Yeah, I would like to see a report on 20002.

  1. K said at 10:39 am on Tuesday February 15, 2011:

    Great analysis! How about 20009? Would that be possible?

  1. S said at 7:21 am on Thursday February 17, 2011:

    I second the request for a report on 20002. That zip is so interesting—from 250K to million dollar houses, often separated by just a few blocks, and all slated to get similar H Street amenities (including the streetcar, a major public transit system) in the next couple of years. If 20002 doesn’t have the best growth potential in town, I would be surprised.

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