Home Price Watch: The Condo Heavy Market of 20005

by Shilpi Paul

Home Price Watch: The Condo Heavy Market of 20005: Figure 1

In our analysis of zip codes housing markets over the last two months, UrbanTurf has covered over ten different sections of the DC area. A full rundown of the zip codes that we have covered is listed below.

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, which includes portions of Logan Circle and downtown.

Home Price Watch: The Condo Heavy Market of 20005: Figure 2

The housing market in 20005 can be summed up in one word: condos. So far in 2012, 152 condos have sold in the zip code, compared to just four townhouses and two detached homes. And those numbers don’t change much in the other two years that we looked at over the past decade.

Sales prices for condos jumped up significantly between 2002 and 2007; these days, however, prices are holding in the same range that they did at the height of the housing boom. What has changed is how long condos spend on the market: a median of 15 days on the market this year, compared with just over a month in 2007.

In the scant townhouse and detached home market, prices dropped markedly in both categories between 2007 and 2012.

Home Price Watch: The Condo Heavy Market of 20005: Figure 3

This article is based on data provided by RealEstate Business Intelligence (RBI), a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region.

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See other articles related to: logan circle, home price watch, downtown, 20005

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_the_condo_heavy_market_in_20005/6258

1 Comment

  1. emerald said at 10:43 pm on Wednesday November 7, 2012:
    You are right that Logan's mkt is predominantly condo in recent years. I believe this article, particularly regarding townhouses in Logan, is however misleading. You're basing your townhome data on a lean number of 4 vs. a previous number of 8, and 8 vs. 2 in detached homes. Since the Logan area price point varies dramatically block to block, depending on location, without specific addresses you cannot legitimately say the market has dropped, especially based on the meager numbers you have provided. Better not to just "take a shot" at something and draw an erroneous conclusion. Right now ANY townhome or detached home in Logan would go into multiple offers and fly off the market!!

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