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

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 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:

Market Watch: 20011 -- Petworth, 16th Street Heights, Crestwood: Figure 1
20011 Market Summary

  • 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.

Market Watch: 20011 -- Petworth, 16th Street Heights, Crestwood: Figure 2
Average Price

Market Watch: 20011 -- Petworth, 16th Street Heights, Crestwood: Figure 3
Unit Sales Volume

Market Watch: 20011 -- Petworth, 16th Street Heights, Crestwood: Figure 4
Dollar Volume

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

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

4 Comments

  1. LaszloB said at 9:21 pm on Monday March 21, 2011:
    I wonder if you could see flips in this data - seems there quite a few low price sales in this zipcode that come back on the market quickly - 30-60 days later - at a significantly higher price.
  1. Keith said at 10:00 pm on Monday March 21, 2011:
    No, you won't see flips in this data. You'd need to cross-reference sales recordation data with the Recorder of Deeds database.
  1. Michael said at 4:42 pm on Tuesday March 22, 2011:
    I've looked at several homes in this area. It seems the market for the cheaper homes (usually flipped quickly, I'm guessing) is very competitive, as the data seems to indicate.
  1. H Street Landlord said at 10:37 pm on Monday March 28, 2011:
    Very interesting data. I must say the prices are much lower than I would have thought. It seem especially profound compared to 20002, as 20002 has a much higher median and average price (granted these are only one month comparisons), although many people seem to want to bag on NE vs NW.

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