Monday, December 11, 2006

MRIS November Housing Report: DC Declines in all categories

MRIS' report on sales of existing homes in DC in November came out last week; I returned from vacation this weekend and have just now had a chance to analyze the data.

Highlights of the report (comparing YoY data):

  • Dollar sales volume: -26.06%
  • Average sales price: -10.96%
  • Median price: -6.82%
  • Days on market: +123.23%
  • Total units sold: -16.96%
  • Average list price for solds: -8.26%

To summarize: fewer houses are selling; those that sell, sell for less; and houses are staying on the market more than twice as many days as last year. This is the first month in 2006 that average prices and sales volume have declined across all categories of housing units (detached, attached, and condos).

Average condo prices declined 13.24% and sales volume declined 2.49%. My operating assumption this year has been given the fact that condos represent such a large share of the District's housding market (49.1% of all units sold in November), the severity of the downturn in the sales of exsiting detached and semi-detached housing units has been masked and is actually worse than reported by MRIS. When condos are excluded, we see that the statistics are bleaker:

  • Dollar sales volume: -31.65%
  • Average sales price: -17.69%
  • Total units sold: -27.37%

On another topic, the District has finally finished posting its data for September (!), so I hope to upload new housing data to shortly.

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