State of the Market
Caveat: 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 March 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 March 2007, 842 residential sales were recorded by the District. The majority of sales, 52.61%, were condos. However, given their lower average prices as compared to houses, the condo dollar volume was 45.33% of the total dollar volume of $437.6MM.
Changes in the Market YoY
Compared to March 2006, aggregate average prices were robust, up 7.81%; median prices were negative; and unit and dollar volume jumped 17.27% and 26.43%, respectively.
The number of condos sold increased by almost 40% YoY, average prices were up slightly more than 9%, while median prices were down almost 1%. A number of new condo buildings are still coming online, too, including:
- Columbia Residences (2425 L St NW): 12 units
- The Alta (1133 14th St NW): 6 units
- The Whitman (910 M St NW): 17 units
- The Artisan (915 E St NW): 17 units
- The Sonata (301 Massachusetts Ave NW): 13 units
- Christopher Condos (3101-3107 Naylor Rd SE): 14 units
- The Rhapsody (2120 Vermont Ave NW): 5 units
Those seven buildings alone represent almost 20% of all condo sales recorded in March. Excluding them from the analysis reduces the growth in average prices for condos by 1.73% to 7.6%, but tips the median price even further into negative territory, to a 4.96% drop in median price.
Single Family Homes
Single family homes fell almost 1% in unit volume while increasing 10.4% in dollar volume. Average and median prices were a mixed bag for single family homes. Average prices were up 11.23% while median prices were FLAT - 0% growth YoY. All categories of home had increases in average prices, while only multi-family homes had significant median price growth YoY. Semi-detached and multi-family homes had precipitous drops in sales volume; rowhouses and detached homes had 6-10% increases in sales volume.
As I've previously noted: 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.
March 2007 average and median sales prices and unit volume by zip code.
Aggregate by Zip Code
Category by Zip Code