Sunday, July 01, 2007

DC Sales May 2007 Uploaded

I just uploaded District sales recorded in May 2007 to DCHomePrices.com and DCCondoPrices.com. A detailed analysis is coming.

However, a few quick notes:

  • At first I thought it was an error, but 3124 Q St NW did sell for $23,960,287. Wow.
  • 5435 Central Ave SE is recorded as having sold for $10,812,000, which is unlikely considering the District has assessed its 2008 value as $183,040; I think we have an extraneous "0" between the "1" and the "8". I'll keep it in the database at that value until I can see what the Recorder of Deeds says. It does appear the property was foreclosed in April 2007. Update: the zero between the "1" and the "8" was legit. There were two extra zeroes at the right because someone forgot about the decimal point. The actual price was $108,120.

I saw some striking condo sales, too, of the "prices are falling or stalling" nature. Two units at the Atlas Condominiums (1111 25th St NW) sold in May, units 709 and 802.

  • Unit 709 has sold three times since the building was completed: October 2005, March 2007, and May 2007. Each subsequent sales price has been lower than the prior sale. The March 2007 sale was $38,400 lower than the October 2005 price and, most astonishingly, the May 2007 sale was lower again: the price dropped $39,000 in two months! In total, the condo's value has dropped $77,400 since October 2005, a 12.7% decline.
  • Unit 802 sold in May for $1,100 more than the December 2005 price of $454,900, a .24% increase.

Aside from my analysis of the District's May sales, I'll look at MRIS' report for June existing home sales, which should be out in a week. Looking at April and May's data and assuming this June's data will be no better than last June's, I expect the second quarter will prove to be a bust. That's not a good sign for the overall health of the market considering that quarter is supposed to be the beginning of the sales season. I'll also report on sales inducements some developers are offering on new buildings to close them out.

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