Market Watch 20016: AU Park, Spring Valley, Tenleytown

• May 9th 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 state of the housing market in the upper northwest DC zip code of 20016, using custom data provided by MRIS.

20016 is roughly bounded by Western Avenue NW on the northwest, the Potomac River on the southwest, Reno Road/37th Street/34th Street NW on the east, and Garfield Street NW/Battery Kemble Park on the south. It’s home to portions of the AU Park, Spring Valley, Cathedral Heights, Tenleytown, Palisades and North Cleveland Park neighborhoods. If you’ve shopped at Best Buy on Wisconsin Avenue or made a visit to Sibley Memorial Hospital, you’ve been to 20016.

Thirty-one properties sold in zip code 20016 in March 2011 and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Compared to March 2010, aggregate dollar volume was down 6.72 percent. Despite a 13.89 percent drop in unit sales, the average sales price rose 8.33 percent and the median sales price was up 6.4 percent. However, prices are going in opposite directions depending on property type; the average price for a condo fell 5.64 percent, while the average price for a house increased 17.6 percent.

The 20016 zip code represents some of the pricier real estate available in the city, and that is represented in March price statistics. The average sales price in 20016 was 66.57 percent higher than that of the rest of the city last month, and the median sales price was 75.23 percent higher.

At March’s sales pace, there’s a 5.3-month’s supply of condos and a 4.3-month’s of houses on the market in 20016. With listings selling for 95 percent of asking price, the zip code is a good market for sellers even though the number of homes listed for sale rose almost 30 percent from a year ago.

The entry price for a house in 20016 is about double that of a condo/co-op, but there are opportunities for buyers of either property type. More than half the condos/co-ops listed were in the $200,000 to $400,000 range price range while 60 percent of houses listed start at $1 million.

Below are charts that provide more detailed statistics of the market in 20016.

Next Week: A look at the housing market in the Bethesda zip code of 20814.

Similar Posts:

• Market Watch 22209: Rosslyn and North Rosslyn
• Market Watch 20005: Logan Circle, Thomas Circle
• Market Watch 20008: Forest Hills, Cleveland Park, Woodley Park, and Kalorama
• Market Watch 20912: Takoma Park

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/market_watch_20016_au_park_spring_valley_tenleytown/3456.