Market Watch: 20743 -- Laden With Foreclosures

• June 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 looks at the Maryland zip code of 20743. Adjacent to 20019, 20743 is roughly bounded by I-495 on the east, the District to the west, Pennsylvania Avenue/Walker Mill Road on the south, and Cabin Branch Drive/Hill Road/Central Avenue on the north. 20743 is home to sections of the Capitol Heights, Coral Hills, Seat Pleasant, and Walker Mill neighborhoods.

In May, 37 residential properties sold in 20743. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

The main thing that home buyers should know about the 20743 zip code is that it has been one of the area’s main victims of the foreclosure crisis. More than half of all sales in May were bank-mediated, with six short sales and 15 foreclosures; in May 2010, 33 of 55 sales were short sales and foreclosures.

Compared to a year ago, unit sales fell 32.73 percent, and the average and median sale prices dropped 27.08 percent and 46.07 percent, respectively. The median price for bank-mediated sales was a mere $59,900.

At May’s sales pace, there’s a 8.21-month’s supply of houses for sale in 20743, but just 8 active condo listings, all priced lower than $200,000. According to MRIS, properties in 20743 sold for 81.8 percent of list price last month, but sales contracts were brisk; 74 homes went under contract and another 33 had contingent sale contracts.

Given the high percentage of bank-mediated sales, the zip code presents buyers with both opportunities and risks. While one could buy a home in 20743 at an extremely low price, the continued presence of bank-mediated sales in the market leaves the buyer open to the risk of further equity loss through price deterioration, as demonstrated in the May 2010/May 2011 market data.

Below are charts that provide more detailed statistics of the market in 20743.

Similar Posts:

• Market Watch 20012: Typically Not A Lot of Action
• Market Watch 20019: Beware of The 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/market_watch_20743_laden_with_foreclosures/3730.