Market Watch: 22207—The Busiest and Healthiest Zip Code in the Region?

by Keith Gibbons

Market Watch: 22207 -- The Busiest and Healthiest Zip Code in the Region?: Figure 1
Home on the market in 22207

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

In Housing Market Watch this week, UrbanTurf looks at the northern Virginia zip code 22207, which is roughly squeezed in between the Potomac River and I-66, and is home to sections of the Old Glebe, Bellevue Forest, Yorktown, and Cherrydale neighborhoods. 22207 is adjacent to the 22201 zip code, which UrbanTurf analyzed a few weeks ago.

In June, 53 residential properties sold in 22207. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Market Watch: 22207 -- The Busiest and Healthiest Zip Code in the Region?: Figure 2
22207 Market Summary

Fifty-three sales in one month is a high volume for any zip code in the DC area, but the sales stats for 22207 actually fell in June 2011 compared with the previous year; unit sales were down 5.36 percent and aggregate dollar volume of homes sold dropped 8.66 percent.

While the average sales price for homes dropped 3.49 percent, the median price increased 3.87 percent. (Average price for a condo: $310,000; Average price for a single-family home: $868,362.) Single-family homes dominate the market in 22207, and accounted for 96 percent of the properties sold last month. While condo prices hover in the $200,000 to $400,000 range, all but six houses sold for between $600,000 and $2.5 million.

Here are two other interesting statistics: 1) Of the 53 properties sold in June, not one was a bank-owned property and 2) More detached houses (48) sold in June than during any of the previous 12 months. In 22207, the median monthly sales rate is 30 homes.

Market Watch: 22207 -- The Busiest and Healthiest Zip Code in the Region?: Figure 3
Median home sales prices in 22207 since July 2010.

There were 134 listings on the market in 22207 in June — 14 condos and 120 houses. All of the condos were priced between $150,000 and $600,000, and only 16 houses were listed for below $600,000, while 55 were priced between $1 million and $5 million.

The June 2011 market was the most active for 22207 since June 2007. In addition to the 53 contracts that closed, 31 homes went under contract and another 40 homes went under contingent contracts. According to MRIS, properties in the zip code sold for 96.6 percent of list price, and at June’s sales pace (assuming the S&P downgrade of US sovereign debt has a minimal effect on the real estate market) there’s a 7-month’s supply of condos and a 2.35-month’s supply of houses on the market.

The data show that 22207 is a good area for northern Virginia buyers in the market for a detached house, but its high average sales price may be more than many can afford. And as with several other zip codes I’ve looked at over the past few months, given the low inventory of single-family homes, buyers should be prepared to move quickly if they find a house they like.

Below are charts that provide more detailed statistics of the market in 22207.

Market Watch: 22207 -- The Busiest and Healthiest Zip Code in the Region?: Figure 4
Average Sales Price

Market Watch: 22207 -- The Busiest and Healthiest Zip Code in the Region?: Figure 5
Unit Sales Volume

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Market Watch: 22207 -- The Busiest and Healthiest Zip Code in the Region?: Figure 6

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: yorktown, market watch, cherrydale, arlington, 22207

This article originally published at https://dc.urbanturf.com/articles/blog/market_watch_the_busiest_and_healthiest_zip_code_in_the_region/3938

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