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Housing Market Watch: 20002

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 zip code to help paint a picture of the housing market in that area.

In Housing Market Watch this week, UrbanTurf takes a look at recently-released home sales statistics for the 20002 zip code.

20002 is roughly bordered by East Capitol Street on the south; North Capitol Street on the west; the Anacostia River on the east; and New York Avenue and Michigan Ave on the north. Portions of a variety of neighborhoods are encompassed within those borders including Capitol Hill, Edgewood, Eckington, and Trinidad. The H Street Corridor is also part of this zip code, so there are likely a number of current residents, wanna-be residents, and developers who are interested in how the market is performing.

Forty-five units sold in 20002 in January and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

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20002 Market Summary
  • Almost across the board, January 2011 was a much better month for the market in 20002 than a year ago. Aggregate dollar volume rose 54.7 percent and the number of units sold increased 15.38 percent. The average sales price was up a healthy 34.07 percent and the median sales price increased 40.61 percent.
  • Condos are a mere blip on the 20002 housing radar. In January, they accounted for just four of the 45 units sold, translating into a little more than four percent of the dollar volume. The number of condos sold in January 2011 was about half that of January 2010.
  • Three-bedroom single-family homes dominated the market, representing slightly more than half of all homes sold in the zip code. Dollar volume almost doubled year-over-year, up 81.02 percent. Sales for this property type were up 32.26 percent percent and the average price rose 36.87 percent.
  • A few other interesting takeaways: 1) No condo sold for more than $400,000 in January and only one home sold over $1 million and 2) There is a 14.3-month’s supply of condos on the market and a 3.44-month’s supply of single-family homes.

In January, 20002 represented just under 12 percent of unit sales in DC, a similar percentage to that of 20009, which we featured last week. In comparison to the rest of the city, the average median price was 11.99 percent higher in January. Overall, sales activity (i.e., contracts closed, homes under contract, and homes with contingent contracts) was not significantly different from that of January 2010, except that the number of contingent contracts was much higher last month: 57 versus 37.

In conclusion, attached homes (e.g. row houses) dominated sales last month and have experienced huge increases in dollar volume and average sales prices — prices for two-bedroom and four-bedroom homes have increased more than 100 percent since January 2010. That being the case, anyone thinking of buying in 20002 should understand that with houses selling fast and prices increasing, they will also have to move quickly when they find the right home.

Below are charts that provide more detailed statistics of the market in 20002.

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Average Price
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Unit Sales Volume
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Dollar Volume

Next Week: A report on the 20015 zip code.

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See other articles related to: market watch, dclofts, 20002

This article originally published at https://dc.urbanturf.com/articles/blog/housing_market_watch_20002/3070

13 Comments

  1. Mike said at 12:42 pm on Monday February 28, 2011:

    Excellent analysis.  I’ve been looking a lot at “North Capitol Hill” area of this zip, and this is dead on.  Lots of townhomes that have been redone.  The good ones get contracts within a few days of the first open house (some even before).  If you like what you see and are in position to buy, you cannot wait.

  1. Campy said at 12:48 pm on Monday February 28, 2011:

    I love this stuff, thank you.

    I’m curious though if it would be more meaningful to aggregate multiple months of data for the year-over-year comparison?  I feel like this analysis gets a little distorted with only 30-40 points of data.

    For instance, the avg price of a 2-bedroom home in Jan 2010 was 177k, that doesn’t seem too useful.

  1. IMGoph said at 1:11 pm on Monday February 28, 2011:

    there’s something seriously flawed with your analysis. look here, and type in 20002.

    the zip code covers a vastly different area than you claim here. bloomingdale is in 20001. you don’t show eckington within the highlighted area of your map, and you don’t mention a couple other large neighborhoods (carver langston, for one) in your analysis. needs to be clarified.

  1. Mark Wellborn said at 1:34 pm on Monday February 28, 2011:

    IMGoph,

    Thank you for your always acute eye to detail. We have fixed the map, accordingly, as we mistakenly included sections of Bloomingdale. 

    As for the statistics in the analysis being flawed, the charted map for 20002 was off, not the stats themselves. Keith takes great pains to comb through specific zip code-related data from MRIS for these analyses to make them as accurate from year to year as possible.

    Again, thanks for your eagle eye.

    Mark Wellborn
    Editor

  1. doc said at 1:56 pm on Monday February 28, 2011:

    Great great info. Please keep publishing these.

  1. H Street Landlord said at 1:56 pm on Monday February 28, 2011:

    Thanks for the analysis.

  1. East H Street said at 3:57 pm on Monday February 28, 2011:

    Thanks for this analysis. I think 20002 has some of the best deals in town- especially for buyers who are willing to travel a few blocks past the gentrification front into Carver/Langston, Rosedale, or Northern Trinidad.

  1. Marina said at 4:18 pm on Monday February 28, 2011:

    Is it possible to add average price on per square foot for your future anaysis? It’s really great that you are doing it.

  1. ajp said at 4:56 pm on Monday February 28, 2011:

    Good info - I closed on a townhome in this zip (northern eckington/bloomindale area) in September and it is interesting to see the breakdown.

    I would agree with the suggestion to aggregate months or quarters in these features - 1 month year over year isn’t a great sample size and could lead to some misleading interpretations.

    That said I personally think the story-lines here are solid - they jibe with conclusions I had personally drawn having searched and analyzed sales in this area for more than a year…

  1. Mark Wellborn said at 10:47 am on Tuesday March 1, 2011:

    Campy/ajp—

    Your points about collecting/analyzing several months worth of zip code data to get an idea of pricing trends are well taken. The issue is that MRIS makes the data available in PDF format, not Excel, so users can’t download several months of data to a spreadsheet format for analysis purposes. In the future, MRIS may change this and/or we may have more manpower to devote to this type of analysis rather than year-over-year comparisons.

    Mark Wellborn
    Editor

  1. Campy said at 11:19 am on Tuesday March 1, 2011:

    Excellent, keep up the great work Mark.

  1. ajp said at 12:34 pm on Tuesday March 1, 2011:

    makes sense, ditto

  1. H Street Landlord said at 2:11 pm on Tuesday March 1, 2011:

    Yes, per sqft sounds great, though I appreciate the man/woman power issue.

    Also by neighborhood would be really interesting, although again that is quite a lot of work.

Comments are closed.

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