Home Price Watch: Condos Flying Off the Market In 20005

• October 28th 2013

by Shilpi Paul

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In Home Price Watch, UrbanTurf analyzes the housing markets in various zip codes around the DC area using numbers provided by RealEstate Business Intelligence (RBI).

This week we examine 20005, the zip code that is bounded by Q Street NW on the north, 16th Street NW on the west, F and G Street NW on the south and 11th Street NW on the east. The zip code includes portions of Logan Circle and downtown.

Last year, we saw prices in the small, condo-heavy area tick up incrementally over the decade, from a median sale price of $265,500 (not accounting for inflation) in 2002 to one of $428,000 last year.

This year, the condo market continues to dominate the area. So far, 145 condos have sold, compared to a total of 8 detached homes and townhouses. The median price of condos rose just slightly, as did those of townhouses. The jump in prices in the detached home category was more significant, from $436,000 in 2012 to $750,00 in 2013, but it’s difficult to see a trend in such a small market, where one home can swing the statistic.

What did change dramatically this year is the amount of time it took for homes in all categories to find buyers. Condos, townhouses and detached homes all stayed on the market for a less than 10 days on median, a marked drop from last year.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_condos_flying_off_the_Market_in_20005/7745.