Monday, June 11, 2012

H Street Zip 20002 -- Home Prices Up 9.5%

On June 11 Real Estate Business Intelligence released it's May 2012 housing market statistics for zip code 20002 -- which includes H Street, Capitol Hill North, NoMa, Eckington, Edgewood and Trinidad.

The RBI report is cumulative and includes all property types: single-family detached houses, semi-detached rowhouses, condos and coops.  An analysis of the statistics broken down by property type reveals more interesting numbers.  For example, sales prices for houses with four or more bedrooms have jumped 29.67% over May 2011.

 May 2012 stats for zip code 20002:

  • Average Sold Price: up 9.5% over May 2011
  • Close Price Percentage: the average property is now selling at 100.63% of original list price, an increase of 0.22%
  • Inventory: shows a remarkable drop of 27.65%
  • Days-on-Market: 31 days, down 36.73% from May 2011

Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in prices and shorter days on market. Clearly, homes in 20002 are now selling faster and at higher prices than May 2011.

RBI's Detailed Report for zip 20002 provides a breakdown of sales by property type.  The highest sales activity in May was for three-bedroom townhouses.

  • 3BR houses: in May 2012 there were 27 sales of three-bedroom attached homes which sold for an average price of $467,509 -- an increase of 3.44% over May 2011.

  • 4+BR houses: there were 19 sales of houses with four or more bedrooms which sold for an average price of $704,100 -- an increase of 29.67% over last year.

May's higher sales prices, shorter days-on-market, and lower housing inventory over last year, repeating a trend seen in recent months:

  • The April report revealed a very strong spring market with sales prices in 20002 rising 18.9% over April 2011. Close prices for three-bedroom townhouses alone rose 23.08%.
  • The March report showed an overall sales price increase of 3.9% throughout the zip code. Close prices for three-bedroom townhouses increased 24.15%.

Real Estate Business Intelligence (RBI) is the research component of local multiple listing service MRIS. RBI provides the most recent and accurate housing market statistics to the public based on actual sales recorded in MRIS. Monthly housing market statistics for every zip code, county, or region in the Washington metro area can be searched at RBI. Just enter your zip code or select your county and search.

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Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

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