Market Watch: The Condo/Co-op Heavy World of the West End and Foggy Bottom

August 2, 2011
1 Comment

One of the few houses for sale in 20037

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 20037, which 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 (map), you can find some of the most expensive gasoline in the city.

In June, 23 residential properties sold in 20037. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Across the board, home statistics were up in 20037, year over year. Unit sales increased 21.05 percent, which is somewhat peculiar given that June 2010 sales numbers across the city (as well as the country) were particularly high thanks to the federal home buyer credit. The average sales price for homes was up a whopping 43.1 percent (more on that below) and the median price increased a more moderate 16.11 percent. Condos and co-ops rule the market in 20037, accounting for 92 percent of the properties sold last month. The price range for these units was incredibly wide, ranging from $150,000 to $5 million.

Median home sales prices in 20037 since July 2010.

Before getting too excited about these stats, lets take a closer look at the condo/co-op sales in the zip code. Six of the 21 units sold for more than $1M, including one that sold for between $2.5-5M. Obviously, these sales skewed all the average pricing metrics. Even so, a 16.11 percent bump in the median price isn’t something to sneeze at. For those looking to buy a unit, the average price during the past twelve months for a studio was $184,023, $407,304 for a one-bedroom unit, and for a two-bedroom, $932,172. The median price hovered in the $500,000 to $599,000 range.

Last month, there were 146 active listings in 20037, but check out the breakdown — 142 condos/co-ops and 4 houses. (Two of the houses were listed for between $600,000 and $800,000, and two were listed for between $1 and $2.5 million.) The sales pace for 20037 in June was good; 12 homes went under contract, and another 13 had contingent contracts. According to MRIS, properties in 20037 sold for a respectable 93.8 percent of their list price last month, and to put that percentage in perspective, the median sales price was about 27 percent higher than the rest of the city.

The data show that 20037 is not a high volume zip code; during the past twelve months it’s averaged 16 property sales a month, with the distribution of sales leaning heavily toward condos and co-ops. The large supply of these units for sale at such a broad price range means there is probably something for buyers who want a unit near the Kennedy Center, the State Department, or even the bar at the Ritz-Carlton.

Below are charts that provide more detailed statistics of the market in 20037.

Average Sales Price

Unit Sales Volume

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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_the_condo_heavy_west_end_and_foggy_bottom/3902

1 Comment

David Riska said at 9:16 am on Friday August 5, 2011:
Definitely an upper end part of town near Georgetown and Waterfront. Great location, but not much there in the way of gas stations for sure. Think I paid 4.39 gallon at one point there.