Market Watch 20008: Forest Hills, Cleveland Park, Woodley Park, and Kalorama

by Keith Gibbons

A home in Woodley Park

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 20008 zip code, using custom data provided by MRIS. With Connecticut Avenue as its spine, 20008 is home to portions of the Forest Hills, Van Ness, Cleveland Park, Woodley Park, and Kalorama neighborhoods. Since it includes a sliver of the Naval Observatory, Vice President Biden calls 20008 his “home away from Delaware.”

Thirty-three units sold in zip code 20008 in March 2011 and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

20008 Market Summary

Compared to March 2010, aggregate dollar volume of homes sold skyrocketed, up 108.81 percent. The average sales price rose 20.22 percent, but the median sales price actually fell 31.85 percent.

(The average price is probably higher thanks to the 8 homes that sold for between $1 and 5 million. The median price drop can be explained by the fact that 33 properties sold in March 2011 compared to 19 in March 2010, and the number of condos sold doubled, meaning the median price was bound to be lower.)

Twenty-four condos and nine single-family homes sold in March. The average price for a home rose 80.52 percent and for condos it increased 19.44 percent. The number of single-family homes sold in March (9) was significantly less than the monthly average of homes sold per month (31) over the last year.

Eight of the nine homes sold in March went for more than $1 million: four sold for between $1 and 2.5 million and four sold for between $2.5 and 5 million. On the other end of the spectrum, no condo sold for more than $800,000.

Median home sales prices in 20008 since April 2010

In March, the average sales price in 20008 was 87.4 percent higher than the rest of the District; its median sales price, 40.97 percent higher. At March’s sales pace, there’s a 3.3 month supply of condos and a 3.2 month supply of homes for sale in 20008, both signs of a seller’s market. According to MRIS, properties in 20008 sold for 96.7 percent of listing price in March, further evidence of a seller’s market.

20008 includes some of the District’s most expensive homes. Based on sales for the past twelve months, the average price for a three-bedroom property is a mere $993,000. Data shows that no single-family homes were listed in March for less than $600,000, while 56 of 80 condos were listed for less than that price point. As we noted in our 20007 report, if you’re determined to live in 20008 and can’t swing a seven-figure mortgage then a condo is the way to go.

Below are charts that provide more detailed statistics of the market in 20008.

Average Price
Unit Sales Volume
Dollar Volume

Next Week: A look at the housing market in 20005.

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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_20008_forest_hills_cleveland_park_woodley_park/3338

1 Comment

  1. Bob said at 10:45 am on Monday April 18, 2011:

    Thanks for clarifying the avg v. median disparity. The effect of a few million dollar props selling is pretty incredible.

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