Last Friday MRIS released its report on July sales of existing homes and condos in the District, those listed or sold by real estate agents. If the market tanked in June, realtors partied like it was 2005 in July because the sales data is startlingly robust. July's YoY data show healthy increases across all metrics [see figure below]:
It is as if the negative signs from June's data were flipped to positive signs - the numbers are almost exactly the same, just positive. For the second time this year, homes led condos in percentage share of units sold and walloped condos in share of dollar volume. In June we see:
- Sales volume. Overall, up 10.61%. YoY, condo sales volume was up a robust 12.62% and home sales volume increased 8.72%. All but two categories of single family homes experienced positive growth in sales volume.
- Dollar volume. In aggregate, up a whopping 17.92%. Dollar volume for condos rose 17.23%, homes did better, up 18.31%. All categories of housing had positive growth in dollar volume YoY.
- Average sales price. Up 6.61%. Average prices for condos were up 4.09% to $408,103, but that average price was about $20,000 less than June's. Homes did well, up 8.82% to $718,924, well above June's $659,314.
- Days on market. Yes, on average the DOM grew to 60 days, but a closer look shows that more than 2/3 of all homes [69.5%] sold within 60 days.
- Inventory. Based on July's transaction rates and active listings, there is a 4.24 month's supply of condos, a decrease of 13.41% over June, while home inventories fell 13.08% to 4.16 months.
Looking at July's data to see whether a "Chase Point" effect may be in play, I find that 9.9% of purchased units were sold for more than $1MM compared to 8.5% in July 2006, but MRIS' data lacks the granularity necessary to see whether that skewed the month's results. I guess we wait for August's data to see whether July was an anomaly or the beginning of a late summer buying season.
Average Sales Price