Wednesday, October 25, 2006

DC Sales: August 2006

Well, better late than never. I've put DC's August 2006 sales data into my model to see how the market is faring compared to August 2005. As I'm sure you're aware from recent news reports about the national housing market, it isn't good. And it isn't good in DC, either.

Essentially, transaction volume has collapsed, down 41.62% YoY. Every type of housing showed less demand. For the first time in 2006, average and median prices for condos were both lower YoY and sales volume was down 53.39% YoY. More importantly, the median price for all housing in DC was down 1.23% while average prices inched up almost 2%.

In researching August 2005 sales data, it turns out six condo buildings had closed 261 units that month:
  • Cityline: 44 units
  • 2020 Lofts: 50 units
  • 1150 K: 43 units
  • Atlas: 54 units
  • Cedar Crossing: 25 units
  • 355 G SW: 45 units
Even after excluding those new units from the August 2005 data, YoY condo sales volume was down 28.9%.

No comments: