Friday, November 10, 2006

MRIS October Housing Report: DC Experiences Significant Declines

MRIS' report on sales of existing homes in DC in October came out today and it presents sobering YoY data for the housing market in the District. Highlights of the report:

  • Dollar sales volume: -37.73%
  • Average price: -10.26%
  • Median price: -11.76%
  • Days on market: +103.13%
  • Total units sold: -30.61%
  • Average list price for solds: -7.4%

This is the first month in 2006 that both average and median prices have declined.

Average condo prices declined 8.41% and sales volume declined 20.14%. Are condos to blame for the state of the market? Further analysis of the data show that when condos are excluded:

  • Dollar sales volume: -43.38%
  • Average sales price: -18.4%
  • Total units sold: -38.91%

This indicates that entire market is suffering.

1 comment:

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