Tuesday, November 13, 2012

RBI Zip Code 20002 Housing Report: Average Sold Price Up 19.49%

Real Estate Business Intelligence housing market statistics for zip code 20002 -- with data for October -- was released November 12.  The RBI report includes all property types: single-family detached houses, semi-detached rowhouses, condos and coops. 

October 2012 stats for zip code 20002:

  • Average Sold Price: up 19.45% over October 2011
  • Median Sold Price: is up 4.13% over last year
  • Sales: there were 68 sales - an increase of 36%
  • Close Price Percentage: the average property sold for 98.89% of original list price
  • Days-on-Market: 32 -- a drop of 39.62% from October 2011

October 2012 Statistics: Zip Code 20002
StatisticValuesYear Over YearMonth Over Month
Total Sold Dollar Volume$33,089,087+62.51%+37.2%
Closed Sales68+36%+30.77%
Median Sold Price$454,000+4.13%+3.3%
Average Sold Price$486,604+19.49%+4.92%
Avg Days-on-Market32 days-39.62%-23.61%
Avg Sold to Orig List Ratio98.89%+1.54%-+1.87%

RBI's Detailed Report for zip 20002 shows housing inventory has dropped a remarkable 47.75% -- down from 178 in October of 2011 to 98 in October 2012.  Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in prices and shorter days on market.  As the days on market decreased in October the average sold price in zip code 20002 increased 19.49%.

The Detailed Report also provides a breakdown of sales by property type. The highest sales activity in September was for 3BR and 4+BR townhouses.

  • 3BR houses: in October 2012 there were 26 sales of three-bedroom townhouses in zip code 20002 which sold for an average price of $422,091-- an increase of 7.73% over October 2011. 
  • 4+BR houses: there were 14 sales of houses with four or more bedrooms which sold for an average price of $625,521 -- a price increase of 14.34% over last year.

Zip code 20002 includes a very large area that contains H Street, Capitol Hill North, NoMa, Eckington, Edgewood and Trinidad.  It is therefore important to remember sales statistics can vary greatly within a given zipcode.  To illustrate this point I've included below brief statistics for the H Street corridor area to demonstrate the range of values possible.  Contact me for a custom report on your specific neighborhood, your property size and type.

H Street Corridor

In comparison with the entire 20002 zip code, the smaller H Street corridor area reported the following higher sales statistics for October (source: MRIS, November 13, 2012).

  • the average three-bedoom townhouse sold for $571,890 after spending an average of only 28 days on market.
  • the average four-bedroom home sold for $621,460 after an average of 75  days on market

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. 

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

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