A home in Woodley Park
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 analyzes March home sales for the 20008 zip code, using custom data provided by MRIS. With Connecticut Avenue as its spine, 20008 is home to portions of the Forest Hills, Van Ness, Cleveland Park, Woodley Park, and Kalorama neighborhoods. Since it includes a sliver of the Naval Observatory, Vice President Biden calls 20008 his “home away from Delaware.”
Thirty-three units sold in zip code 20008 in March 2011 and here is a chart providing a year-over-year comparison of sales volume, median price and average price:
20008 Market Summary
Compared to March 2010, aggregate dollar volume of homes sold skyrocketed, up 108.81 percent. The average sales price rose 20.22 percent, but the median sales price actually fell 31.85 percent.
(The average price is probably higher thanks to the 8 homes that sold for between $1 and 5 million. The median price drop can be explained by the fact that 33 properties sold in March 2011 compared to 19 in March 2010, and the number of condos sold doubled, meaning the median price was bound to be lower.)
Twenty-four condos and nine single-family homes sold in March. The average price for a home rose 80.52 percent and for condos it increased 19.44 percent. The number of single-family homes sold in March (9) was significantly less than the monthly average of homes sold per month (31) over the last year.
Eight of the nine homes sold in March went for more than $1 million: four sold for between $1 and 2.5 million and four sold for between $2.5 and 5 million. On the other end of the spectrum, no condo sold for more than $800,000.
Median home sales prices in 20008 since April 2010
In March, the average sales price in 20008 was 87.4 percent higher than the rest of the District; its median sales price, 40.97 percent higher. At March’s sales pace, there’s a 3.3 month supply of condos and a 3.2 month supply of homes for sale in 20008, both signs of a seller’s market. According to MRIS, properties in 20008 sold for 96.7 percent of listing price in March, further evidence of a seller’s market.
20008 includes some of the District’s most expensive homes. Based on sales for the past twelve months, the average price for a three-bedroom property is a mere $993,000. Data shows that no single-family homes were listed in March for less than $600,000, while 56 of 80 condos were listed for less than that price point. As we noted in our 20007 report, if you’re determined to live in 20008 and can’t swing a seven-figure mortgage then a condo is the way to go.
Below are charts that provide more detailed statistics of the market in 20008.
Unit Sales Volume
Next Week: A look at the housing market in 20005.
- DC’s March Home Sales Surge Represents Return to Normalcy
- Cleveland Park: Coming Back After A Rough Year
- Woodley Park: Deceptively Residential
- Market Watch 20020: Historic Anacostia, Hillcrest, Naylor Gardens
- Market Watch 20912: Takoma Park
- Market Watch 20007: Georgetown, Burleith, Glover Park
- Market Watch 20011: Petworth, 16th Street Heights, Crestwood
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_20008_forest_hills_cleveland_park_woodley_park/3338.
Most Popular... This Week • Last 30 Days • Ever
The Washington Nationals great didn't move out of the area, though.... read »
UrbanTurf put together a quick primer on the ins and outs of a home auction.... read »
As the Capitol Riverfront neighborhood nears its development capacity, a new effort p... read »
The plans for the large new apartment project from Perseus TDC are coming into focus.... read »
President Biden will sign the largest climate bill in history into law this week.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
This Week's Find is one of the more interesting homes in DC's Foxhall neighborhood. ... read »
The mall will be reimagined as a 7-story, 325-unit apartment project with 25,000 squa... read »
While DC's rising home prices have been the story for years, there are some areas of ... read »
Approximately 25% of listings on the market in the city have experienced a price redu... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro