Friday, May 11, 2007

MRIS April Housing Report: Condos lead

MRIS released data yesterday on April 2007 sales of existing homes and condos in the District listed or sold by real estate agents. In short, April YoY data show [see figure below]:

  • Dollar volume was flat
  • The average price rose less than 3%
  • The median price fell about 1.5%
  • The number of units sold - transaction volume - was down about 1%
  • Average days on market increased to 73 days

Last month, I concluded that high end homes - those with 4+ bedrooms costing more than $1MM - drove March's increase in dollar volume and average/median prices despite the flat growth in transaction volume. In April we see:

  • Sales volume. A huge spike in condo sales volume, up 26% YoY. However, all categories of single family homes saw a decline in sales volume: -14.93% for 2 bedroom homes; -23.64% for 3 bedroom homes; and -29.17% for 4+ bedroom homes.
  • Dollar volume. Declines across the board except for condos, up 40.61% vice -20.02 for single family homes.
  • Average sales price. Overall, pretty good. In addition to the whopping increase in sales volume, average prices for condos grew more than 11% to $461,972, while homes saw a 5.05% bump YoY to $662,911.
  • Days on market. Yes, on average the DOM grew to 73, but a closer look shows that almost 2/3 of all homes sold within 60 days. Not too bad.

So what to make of all of this?

Well, in terms of sales and dollar volume the market definitely shifted to condos. Nineteen of the 378 condos sold in April sold at prices of $1MM or higher compared to about 9 in that price range in April 2006, which I suspect 'distorted' April's results. That, coupled with the 17.35% increase in average prices for high end homes, would probably explain the increase in average sales prices for condos and single family homes.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

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