Friday, October 27, 2006
Wednesday, October 25, 2006
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
Wednesday, October 11, 2006
Generally, condos represent about 50% of all units sold in DC each month. However, condos aren't displayed when you visit DCHomePrices.com ; the site provides information only on sales of single/multi-family homes.
Visits to this blog confirm the level of interest in condos in the DC market. To address that, I'm launching a new site in the near future focused on DC condo sales. It's intended to provide sales data for condos sold in DC. I'll post an update once the site has launched.
Email me if you want more information about the site.
MRIS has just released sales data for sales of existing homes in September 2006 (see below). The trend I mentioned a month ago continues: the number of units sold continues to decline. What's especially remarkable is that September marks the end of the summer sales season, when housing sales should be at their peak.
Key data points at a glance:
- Average days on market has almost doubled YoY (34 days to 66 days)
- Number of units sold declined 15.04% (738 to 627)
- Total dollar volume declined 5.9%
- Condos represented 48.8% of all units sold
Further analysis shows:
- If condos are excluded, the total dollar volume actually declined 9.54%; condos represented approximately 38.47% of the dollar volume.
- All housing categories in the report save one showed YoY declines in sales volume despite higher average sales prices.