Friday, March 09, 2007

MRIS February Housing Report: The trend continues

My analysis of MRIS's January report on sales in the District showed that while average and median prices were down, transaction volume was up. That trend continues in the February results reported today.

In brief, YoY:

    Further analysis shows:

    • Compared to January 2007, transaction volume grew 11% for condos and 14% for single family homes.
    • Condos maintain a commanding 54% share of the market in terms of units sold and 44% in dollar volume.
    • The average sales price for condos declined 10% YoY while those for all categories of single family homes, except for attached homes with 4+ bedrooms [-1.62%], increased anywhere from 7.75% [attached, 3 bedrooms] to 22% [detached, 4+ bedrooms].
    • Interestingly, the higher average sales prices negated declines in transaction volumes experienced by all categories except condos [+45%]: two or less bedrooms, -9.43%; three bedrooms, -4.32%; 4+ bedrooms, -10.34%

    Regarding inventory, there's a 4.5 months supply of condos and homes on the market when measured in February sales against the current number of listings.

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