Thursday, May 24, 2007

DC Sales: February 2007 [Updated]

As I mentioned yesterday, I've finished collecting and scrubbing [correcting] full value residential sales the District recorded in February 2007; the data have been uploaded to DCHomePrices.com and DCCondoPrices.com.

State of the Market

Unlike MRIS, my data and analyses include new units [primarily condos] so there will be some differences in my conclusions about the market's state compared to a similar analysis based solely on MRIS reports, which only report sales of existing units sold and/or listed by real estate agents. Also, this analysis is of sales recorded by the District in February as opposed to sales settled in the month, which is what MRIS reports, so there will be some discrepancies because of timing issues. However, I believe the data do provide an indicator of trends in the District that could be useful.

In February 2007, 632 residential sales were recorded by the District. The majority of sales, 51.11%, were condos. However, given their lower average prices as compared to houses, the condo dollar volume was 40.24% of the total dollar volume of $308.7MM.

Changes in the Market YoY

Compared to February 2006, aggregate average and median prices were flat while unit and dollar volume jumped 32.77% and 35.67%, respectively.

Condos

Although the number of condos sold increased by almost 40% YoY, average and median prices for condos were negative. A number of new condo buildings are still coming online, too, including:

  • The Whitman (910 M St NW): 18 units
  • The Artisan (915 E St NW): 25 units
  • The Sonata (301 Massachusetts Ave NW): 13 units
  • The Rhapsody (2120 Vermont NW): 10 units

Those four buildings alone represent 20% of all condo sales recorded in February.

Single Family Homes

Single family homes had a 26.12% jump in unit volume and grew almost 40% in dollar volume. Average and median prices were a mixed bag for single family homes. Rowhouses experienced declines in both YoY and multi-family experienced lowered median prices. Otherwise, all categories of single family homes showed increases.

Note: I classify multi-family homes as single family homes because I've found that homes that once were multi-family which have been converted to single family use have not been reclassified as such by the District. I may be painting too broad a brush here, but I can live with it.

Detailed Data

February 2007 average and median sales prices and unit volume by zip code.

Aggregate by Zip Code

Category by Zip Code

Update: I fixed an Excel error. The values listed below are correct.



3 comments:

FreeFree said...

This is such an impressive website. Statistical analysis like this is so much more useful than the general "market's going up" or "market's going down" comments and a few randomly selected comparables you might get from a real estate agent.

It makes you realize how the real estate business could be positively transformed by an infusion of information and technology, if only it were freed from the MLS monopoly .

Fortunately, the disintermediation of the real estate business will come soon, and real estate agents will join travel agents as niche market relics of the pre-internet era.

Anonymous said...

Great blog! This is unbelievable data work that you've done (and really cool too.) Keep it up since this is one of the more interesting websites out there about DC real estate. The NAR is too full of huffing and puffing (not to mention being stingy about giving access to their actual data) and the Post is too unclear about their methodology, but you're providing the info that everyone who wants to argue about DC real estate is looking for. With good analysis as well. Bravo!

Keith said...

I thank both of you for the kind words.

You've hit a key point: the inability to aggregate national MLS sales data forced me to focus on the local market, DC. I know companies like Zillow attempt to provide national coverage, but it's almost impossible to do so and provide a uniform level of data quality and coverage [see this article].