MRIS' report on January 2007 sales of existing homes in the District was released earlier this month. The information was rather interesting in that while transaction and dollar volume increased YoY, average and median prices continue to decline. Consider:
- The number of units sold increased 18.27% YoY, 505 compared to 427 in 2006.
- The dollar volume of sales increased 13.61% YoY, $252.1M compared to 2006's $221.9M.
- Average sales prices for condos fell 8.63% and detached homes with 2, 3, or 4+ bedrooms prices declined -7.84%, -18.05%, and -1.35% respectively
- Average sales prices for attached homes with 3 or 4+ bedrooms prices rose 1.68% and 18.39%
- Median sales price decreased 3.73% to $385,000
The average sales price for all existing homes was $499,302, a 3.94% reduction YoY. When condos are excluded from the analysis, average prices rose 1.28% to $624,140. Homes comprised 63.12% of the dollar volume of housing sold.
- Days on market increased 80%, to 81 days
- Average list price of sold homes declined 2.75% to $531,849
- Average sales price was 93.88% of list price, compared to 95.04% in 2005
At January sales volumes, there's a 5.7 month supply of condos on the market and 4.7 month supply for homes.