Market Watch 20012: Typically Not A Lot of Action

• June 20th 2011

by Keith Gibbons

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 looks at the DC zip code of 20012. Forming the District’s northern tip, 20012 is bounded by Beach Drive NW on the west, by Western and Eastern Avenue on the north, by Eastern Avenue to the east and Tuckerman Street NW on the south. 20012 is home to portions of the Colonial Village, Shepherd Park, and Takoma neighborhoods.

In May 2011, nine units sold in 20012. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Unit sales in May 2011 were down about 31 percent in the zip code compared to May 2010, but that percentage drop is a little misleading. While nine sales seems low, it’s been the typical sales pace for eight of the past 12 months in 20012.

Year over year, the average sales price for all properties rose about 38 percent, and similarly the median price rose by 31.25 percent. For condos, the average price in May was $340,000; for homes, it was $527,000. The zip code’s average price was 3.9 percent lower than the District’s average, but its median price was the same as the rest of the city. (Two of the homes sold in May were foreclosures [median price of $207,500], which affected the overall prices for the zip code.)

At May’s sales pace, there’s a 4.62-month’s supply of homes on the market, below the 6-month benchmark that signals healthy inventory. There were 21 condos listed during May and given the month’s single condo sale, sellers of that property type may have a challenge ahead of them. The 33 detached houses listed started at $300,000 and topped out at $4 million, while the attached houses were priced in a narrow band of between $200,000 and $500,000. According to MRIS, properties in 20012 sold for 91.9 percent of their listing price last month

The May market in 20012 was the strongest it’s been for the month of May since 2007. The number of new contracts (16) and contingent contracts signed (16) hit new highs last month, which indicates that June and July 2011 will easily beat the closed sales figures for the previous year.

Below are charts that provide more detailed statistics of the market in 20012.

Similar Posts:

• A Return To Normalcy? DC Home Sales in May at Highest Level Since 2005
• Market Watch 20019: Beware of The Foreclosures

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 https://dc.urbanturf.com/articles/blog/market_watch_20012_typically_not_a_lot_of_action/3685.