Sunday, March 25, 2007

WaPo 2007 Housing Outlook: Erroneous Data

The Washington Post published its "2007 Housing Outlook" in this morning's paper. I've not had a chance to do a complete analysis, but at a glance it looks like they're underreporting the number of condos sold in the District in 2006 and, consequently, in my opinion, the pricing data reported is suspect.

According to the table published on page R17 1,867 condos were sold in the District in 2006; however, my database shows 4,416 transactions were recorded [new and existing units]. MRIS, which reports on sales of existing units, shows that 3,772 condos were sold in the District through a real estate agent. The District's real property sales database shows 5,360 condo transactions, but that number includes non-full value transactions. Regardless, each data point is significantly higher than that published in this morning's article.

Assuming my data is close to reality, then the WaPo is basing its analysis on only 42% of condo transactions recorded in the District in 2006.

More later: we're off to the zoo.

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