Market Watch: 20816, A Seller's Market

• August 17th 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 zip code in the DC region to help paint a picture of the housing market in that area.

In Housing Market Watch this week, UrbanTurf looks at the close-in Maryland zip code 20816, which is roughly bordered by the District line, the Potomac River, River Road, and Goldsboro Road.

In June, 29 homes sold in 20816. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

If there is one area zip code where the year-over-year statistics show the effect of the federal homebuyer credit, it is 20816. In June, aggregate dollar volume of sold homes was down 30 percent versus the same month in 2010, and unit sales were 23.68 percent lower. The average home price fell 8.44 percent, and the median price dropped about 5 percent. Single-family detached homes dominate the market in 20816, and accounted for 79 percent of the properties sold in June. While condo sales prices hovered in the $200,000 to $500,000 range, houses sold for anywhere between $500,000 and $2.5 million.

There were 57 listings on the market in 20816 in June — 10 condos and 47 houses. All of the condos were priced between $200,000 and $500,000. Of the houses for sale, 7 were priced between $600,000 and $800,000 and the remainder were asking up to $5 million.

20816 is a seller’s market these days, as evidenced by the following stats:

• According to MRIS, properties in the zip code sold for 97 percent of list price in June.
• At June’s sales pace, there’s less than a two-month’s supply of condos and a two-month’s supply of homes on the market.
• The average number of days that a home spent on the market in June was 57, a 20 percent drop from the previous year.

As we said last week about 22207, 20816 is a good area for those who want a detached house, but its high average sales price may be more than many can or are willing to spend. With the low inventory, buyers should be prepared to move quickly if they find a house they like.

Below are charts that provide more detailed statistics of the market in 20816.

Similar Posts:

• Market Watch: 22207—The Busiest and Healthiest Zip Code in the Region?
• Market Watch: The Condo/Co-op Heavy World of the West End and Foggy Bottom

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_20816_a_sellers_market/3991.