Sunday, January 14, 2007

MRIS December Housing Report: The market decline continues

MRIS' report on sales of existing homes in DC in December is out.

Highlights of the report (comparing YoY data):

  • Dollar sales volume: -25.89%
  • Average sales price: -13.04%
  • Median price: -2.94%
  • Days on market: +91.67%
  • Total units sold: -14.78%
  • Average list price for solds: -11.44%

The trend first reported in November continues: fewer homes are selling, both average and median prices continue to decline, and time on market continues to rise.

The average sales price for condos was $396,716. For condos in DC YoY, average sales prices declined 7.89%, dollar sales volume fell 21.16%, and sales volume declined 14.41%. My operating assumption this year, first posited when I reported MRIS' November data, has been given the fact that condos represent such a large share of the District's housing market (51.01% of all units sold in November), the severity of the downturn in the sales of existing 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 worse:

  • Dollar sales volume: -28.74%
  • Average sales price: -16%
  • Total units sold: -15.16%

Extracting condos from the data reported by MRIS, the average sales price of a home in DC for December 2006 was $619,365 versus $737,367 in December 2005.

On another topic, October's recorded home sales in DC have been uploaded to DCHomePrices.com.

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