Market Watch: 20011 -- Petworth, 16th Street Heights, Crestwood

• March 21st 2011

by Keith Gibbons

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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 February sales statistics for the 20011 zip code. Roughly speaking, the zip code is bordered by Eastern Avenue on the east, Rock Creek Park on the west, Piney Branch Parkway, Quincy Street and Rock Creek Church Road on the south, and Tuckerman Street on the north. Portions of the 16th Street Heights, Brightwood, Crestwood, Manor Park, and Petworth neighborhoods are included in this zip code.

Thirty-one units sold in 20011 in February and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

• Compared to February 2010, aggregate dollar volume was down by almost 20 percent. The number of units sold fell, too, down 24.39 percent. The average sales price increased 5.91 percent and the median sales price increased by 6.57 percent.
• All 31 sales last month were single-family homes. In five years of analyzing DC area real estate sales, I can’t recall a month where no condos sold in a zip code. The average price for a single-family home was 3.61 percent higher than the same month in 2010.
• One four-bedroom sold in February for between $800-999,000, making it the highest priced sale for the month. If this sale was excluded from the analysis, the average price for a home in 20011 would have fallen 4.75 to 6.84 percent year-over-year.

Last month, zip code 20011 represented 5.78 percent of the city’s dollar volume and 8.4 percent of unit sales. The zip code’s average and median prices were lower than the District as a whole, 31.25 percent and 18.89 percent lower, respectively.

At February’s sales pace, there is a 3.85-month’s supply for single-family homes listed in 20011. However, a closer look at the market by price segment reveals that $300,000 appears to be the dividing line between a seller’s market and a buyer’s market. Below that price point, the inventory is tight (under a four-month’s supply); above $300,000, there is a six-month’s supply.

It’s difficult to draw conclusions about a zip code that had just 31 contracts close in February. (UrbanTurf is working with MRIS to get reports that clump sales data in three-month segments for specific zip codes.) Home owners looking to put their house on the market should keep in mind that at this time, $300,000 appears to be the tipping point between seller’s and buyer’s markets.

Below are charts that provide more detailed statistics of the market in 20011.

Next Week: A look at the housing market in 20007.

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• Market Watch 22314: Old Town, Carlyle and Taylor Run in Alexandria
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• Housing Market Watch: 20002
• Housing Market Watch: 20003
• Housing Market Watch: 20009

This article originally published at https://dc.urbanturf.com/articles/blog/market_watch_20011_--_petworth_16th_street_heights_crestwood/3189.