Market Watch 20005: Logan Circle, Thomas Circle

April 25, 2011
3 Comments

by Keith Gibbons

Homes on Vermont Avenue in 20005

Housing Market Watch is a weekly feature on UrbanTurf in which Keith Gibbons, the brains behind DCHousingPrices.com analyzes recent MRIS statistics for a specific DC area zip code to help paint a picture of the housing market in that area.

In Housing Market Watch this week, UrbanTurf analyzes March home sales for the 20005 zip code, using custom data provided by MRIS.

20005 is roughly bounded by Q Street on the north, F Street NW on the south, 11th Street NW on the east, and 16th Street NW on the west. It’s home to portions of Logan Circle and the neighborhood that borders Thomas Circle to the south.

Eleven units sold in zip code 20005 in March 2011 and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

20005 Market Summary

Compared to March 2010, aggregate dollar volume of homes sold was down 13.6 percent, but the average sales price increased 41.39 percent, and the median sales price rose 30.59 percent.

No single-family homes were sold in March in 20005, and few single-family homes ever sell in the zip code, so the fact that none sold last month is not unusual. The eleven condos that sold ranged in price from $200,000 to $2.5 million. The one condo that was purchased for between $1 and 2.5 million probably skewed the metrics reported in this post.

Median home sales prices in 20005 since April 2010

In March, the average sales price in 20005 was 16.6 percent higher than the rest of the District; its median sales price, 37.55 percent higher. At last month’s sales pace, there’s a 3.5-month’s supply of condos for sale in 20005. Since no single-family homes sold in March and few sold during the past 12 months, it’s difficult to quantify the supply for such homes based on sales, other than to say five single-family homes were listed in March. Regardless, sellers should do well. According to MRIS, properties in 20005 sold for 97 percent of listing price last month.

As the statistics indicate, 20005 offers slim pickings for those who want to buy something other than a condo. (95 percent of all units sold in the past year were condos.) Given the paucity of non-condos sold in the zip code, those who do buy a single-family home in the area should be aware that finding potential comparable sales to be used in the mortgage appraisal process could be tough.

Below are charts that provide more detailed statistics of the market in 20005.

Average Price

Unit Sales Volume

Dollar Volume

Next Week: A look at the housing market in the northern Virginia zip code of 22209.

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This article is based on custom data provided to UrbanTurf by MRIS, a developer of real estate technology and information as well as the largest multiple listing service (MLS) in the United States.

This article originally published at http://dc.urbanturf.com/articles/blog/market_watch_20005_logan_circle_thomas_circle/3381

3 Comments

Tom said at 3:13 pm on Monday April 25, 2011:
I would’ve thunk that there would be at least a handful of houses sold each month, but guess not! Great analysis as always.

Andrew said at 5:28 pm on Monday April 25, 2011:
Why don’t you use median value instead of average to control for outliers? Or, if you want to just remove it from the results, It looks like the expensive condo that sold in March sold for about 1.3M. Therefore, you could say that 10 condos sold for 5.2 million, or about 520,000 each. That’s still a fantastic 20% uptick from last march.

van said at 11:41 am on Wednesday April 27, 2011:
This zip code is amazing. I walk by homes with parking spaces in this area and drool. I can’t imagine what it will look like in 10 years.