RBI has been reporting all year that prices and sales have been heating up throughout our area, while inventory has remained historically low. While most areas still have not returned to peak prices following the declines, we’ve taken a deep dive into median sales prices and have found 9 ZIP codes with year-to-date median sale price levels that are at a peak this year!
Question: What do these 9 ZIP Codes have in common?
Alexandria, VA – 22307; Westover, VA – 22205; Clarendon, VA – 22201; McLean, VA – 22102; Georgetown, DC – 20007; S Capitol Hill, DC – 20003; N Capitol Hill, DC – 20002; Shaw, DC – 20001; Vienna, VA – 22180
Answer: There is a solid chance that homeowners in all of these ZIP codes are well above water, regardless of the year the property was purchased. In each ZIP code, the median sale price through August 2012 is the highest year-to-date level on record. The chart below compares the 2012 level to the post-bubble low per ZIP code.
Question: Is it taking longer for sellers to find interested buyers in these ZIP codes, given the recent pricing trends?
Answer: Nope… as can be seen on the chart below, eight of the nine ZIP codes have a median days on market (DOM) in August that was lower than the DC Metro level of 26 days. Six of the nine ZIP codes saw half the homes sold in August in under three weeks.
Question: On average, are most buyers having to come in above the original list price (OLP) to land contracts in these ZIP codes?
Answer: It depends on the original price set by the seller, but a few of the ZIP codes are very close to (20001) or above (20002) the 100% sold-to-original-list-price level in August! Five of the nine ZIP codes are higher than the DC Metro average of 96.15%, but 22307 and 20007 are well below. Cross-reference the chart above with the one below and you can see how the two metrics correlate (hint: the only ZIP code where sellers are receiving more than the list price on average is tied for the lowest median DOM).
Want to dive deeper into local market statistics? With rbiEXPERT, you get the most complete picture of market trends in the Mid-Atlantic Region. Create, download or embed custom reports via Interactive Charts, view dynamic rbiMaps comparing trends within a given county, and access RBI charts and graphs at the zip code level. Click here to learn more about rbiEXPERT.