Housing Market Watch: Courthouse, Clarendon and Lyon Village

• July 12th 2011

by Keith Gibbons

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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 the Virginia zip code of 22201. 22201 is roughly bordered by Arlington National Cemetery, Rosslyn, I-66, and Route 50. It is home to portions of the Clarendon, Courthouse amd Lyon Hill neighborhoods.

In May, 44 residential properties sold in 22201. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Unit sales were down about 13 percent in the zip code when compared to the previous May. The number of condos sold declined 11.11 percent, while house sales fell 20 percent. Year over year, the average price for all units rose about 8 percent, but the median price dropped 6.2 percent. Condos dominated the sales market, accounting for 32 of the 44 units sold. The average price for a condo was $438,289 and the average price for a house was $950,550.

While there were 83 active listings in 22201 in May (46 condos and 37 houses), 17 properties went under contract and 35 had contingent sale contracts. According to MRIS, properties in 22201 are selling for 97.5 percent of their asking price, and May’s sales pace means that there’s a 1.43-month’s supply of condos and a three-month’s supply of houses (translation: very tight market).

Condo sales have dominated the market in 22201 for the past 12 months, but if inventory remains at current levels, buyers in the market for this property type will have to move quickly once they find a unit they like. Buyers in the market for a single-family home will find a smaller inventory of houses with prices that regularly exceed $1 million.

Below are charts that provide more detailed statistics of the market in 22201.

Similar Posts:

• Stability and Seasonality: DC Home Sales in June at Highest Level in Six Years
• Market Watch: 20018—Low Sales Volume in Far Northeast DC
• Market Watch: 20743—Laden With Foreclosures

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.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/housing_market_watch_courthouse_clarendon_and_lyon_village/3782.