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Market Watch: 20018—Low Sales Volume in Far Northeast DC

  • July 5, 2011

by Keith Gibbons

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 1
New listing in eastern Brookland

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 looks at May’s closed sales for the zip code of 20018 in Northeast DC. The area covered by 20018 is bounded by the Maryland line on the east, New York Avenue NE on the south, and Michigan Ave NE, 17th Street NE, 16th Street NE, and the rail tracks by the Rhode Island Metro station on the west. 20018 is home to the Brentwood, Langdon, Port Lincoln, and eastern Brookland neighborhoods.

In May, 15 residential properties sold in 20018. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 2
20018 Market Summary

Here are some key points to note about 20018:

  • Aggregate dollar volume was up 8.47 percent over the same month in 2010. Unit sales fell 6.25 percent. The average price for a home rose 15.7 percent and the median price was up 8.6 percent.
  • Two of the units sold were bank-mediated sales.
  • The median price for the bank-mediated sales was $192,500.
  • One condo sold for $215K.
  • The average price for a house was $287,838. No house sold for more than $600K.

20018 represents 1.31 percent of May’s aggregate dollar volume across the District and 2.43 percent of the total units sold. Its average price is 46.28 percent lower than the District’s total average, and its median price is 39.85 percent lower. At May’s sales rate there’s an 8-month supply of condos and a 3.85-month supply of houses in 20018.

There were only 8 active condo listings during May, all priced lower than $300K. Of the 54 houses with active listings, the attached houses top out at $500K and 30 of the 38 listed detached houses are priced below $400K. According to MRIS, properties in 20018 sold for 87 percent of the listing price. Looking forward, 18 homes went under contract in May and another 9 had contingent sale contracts.

The data show that detached and attached houses dominate the market in 20018; few condos have been sold during the past twelve months. The average price for a house with 3 or more bedrooms has been less than $480K for the past twelve months.

Below are charts that provide more detailed statistics of the market in 20018.

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 3
Average Sales Price in 20018

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 4
Dollar Volume in 20018

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 5
Unit Sales Volume in 20018

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 6
Median Sales Price in 20018

Related Posts:

Market Watch: 20018 -- Low Sales Volume in Far Northeast DC: Figure 7

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.

See other articles related to: port lincoln, market watch, langdon, dclofts, brentwood, 20018

This article originally published at http://dc.urbanturf.com/articles/blog/market_watch_20018_--_low_sales_volume_in_far_northeast_dc/3756

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