Market Watch 20007: Georgetown, Burleith, Glover Park

• March 28th 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 analyzes February sales statistics for the 20007 zip code. Roughly speaking, the zip code is bounded by the Potomac River on the south, Rock Creek Park/Observatory Circle on the east, Garfield Street NW to the north and a western border that cuts right down the middle of Battery Kemble Park to the Potomac. Portions of Burleith, Glover Park, Foxhall, Georgetown and Massachusetts Avenue Heights are in this zip code. It is home to Georgetown University students, the Social Safeway, an Apple store, and assorted socialites.

Twenty-four homes sold in 20007 in February and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

• Compared to February 2010, aggregate dollar volume was up 13.49 percent, even though the number of units sold (24) was the same as last February. The dollar volume increase can be explained by an increase in average sales price of 13.49 percent and a median sales price which jumped 16.97 percent.
• Five condos and 19 homes sold last month, about the same proportion as February 2010. The average price for a single-family home increased just over four percent while the average price for condos increased 33.26 percent.
• It is not surprising that 12 of the 19 homes sold last month went for over $1 million. Amazingly, one condo sold for less than $200,000.

In February, zip code 20007 represented almost one-fifth of the dollar volume of homes sold in the city and 6.5 percent of unit sales. The eye-popping statistics, however, are that the average and median prices were 171.73 percent and 168.06 percent higher than the rest of the city, respectively.

At February’s sales pace, there is a 5.99-month’s supply of homes listed in 20007. Of the 56 condos listed at the time of MRIS’ February report, 33 were priced lower than $400,000. On the other hand, single-family homes start at $600,000, but almost half were listed for between $1 million and $2.49 million. In that upper bracket, there is a 4.77-month’s supply of homes available.

Overall sales activity in 20007 last month (closed contracts, homes under contract, and homes under contingent contracts) was the highest it’s been since February 2008, and the number of homes with contingent contracts more than doubled year-over-year. (Keep in mind that last year DC was covered in snow for a good chunk of February, which certainly affected sales activity.) The average sales price last month was about 92.4 percent of list price, so unlike the other DC zip codes UrbanTurf has analyzed in recent weeks, it looks like buyers have some room for negotiation. However, if you’re dead set on buying in 20007 and you can’t swing a seven-figure mortgage, then your best options are condos or a smattering of homes priced between $600,000 and $999,000.

Below are charts that provide more detailed statistics of the market in 20007.

Next Week: A look at the housing market in the Maryland zip code of 20912, which includes Takoma Park.

Similar Posts:

• Market Watch: 20011—Petworth, 16th Street Heights, Crestwood
• Market Watch 22314: Old Town, Carlyle and Taylor Run in Alexandria
• Housing Market Watch: 20015
• Housing Market Watch: 20002
• Housing Market Watch: 20003
• Housing Market Watch: 20009

This article is based on data from 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/market_watch_20007_georgetown_burleith_glover_park/3231.