Market Watch 20019: Beware of The Foreclosures

• June 6th 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 DC zip code of 20019. 20019 is the easternmost zip code in DC, bounded on the northeast and southeast by the DC/Maryland border, to the west and northwest by the Anacostia River, and on the southwest by N Street and Massachusetts Avenue SE (roughly). Home to Fort Dupont Park, sections of the Benning Heights, Fort Dupont, Deanwood, Lincoln Heights, and Marshall Heights neighborhoods are located in this zip code.

In April, 33 residential properties sold in 20019. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

There are two things worth noting about the 20019 zip code. First, the area is not one that has a lot of options for condo buyers. Thirty-three houses sold in April 2011 compared to 34 in April 2010, but no condos sold in either of those months. (Author’s note: This is the first time I’ve analyzed a DC zip code where not one condo was sold.)

Second, the zip code has a very high rate of foreclosure, evidenced by recent sales statistics: of the 33 houses that sold in April, 16 were bank-owned. This has been the trend in 20019 for the last year, as foreclosures have accounted for anywhere between 30 and 50 percent of the homes sold in a given month. Prices have also been affected. In April, the median sales price of regular for-sale properties was $197,000, but for foreclosed properties, it was $75,450. The latter price has dragged down the median price for the area, making it 65.16 percent lower than the rest of the city.

Below are charts that provide more detailed statistics of the market in 20019.

Similar Posts:

• Market Watch 20001: Shaw, LeDroit Park, Mount Vernon Square, Bloomingdale
• Market Watch 20036: Dupont Circle South
• Market Watch 20814: Downtown Bethesda

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_20019_beware_of_the_foreclosures/3607.