Wednesday, February 21, 2007

MRIS January 2007 Housing Report: Volume up, prices down

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.

Other data:

  • 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.

Tuesday, February 20, 2007

2006 in Review: Detailed analysis

Last week I posted information summarizing 2006 home and condo sales in the District. Today I'm posting detailed sales information, organized by housing type and zip code.

As previously mentioned, slightly less than 9000 housing sales were recorded in the District in 2006. The figure below shows aggregate sales by zip code for all housing types. You'll notice that zip codes 20009, 20001, and 20002 represent almost a third of all District sales in 2006 (11.78%, 10.92%, and 9.81%, respectively). Interestingly, condo sales drove unit vloume in zip codes 20009 and 20002. Measured by unit volume:

  1. 20009: condos, 82%
  2. 20001: condos, 65.44%
  3. 20002: rowhouses, 62.68%

Aggregate sales information by housing type by zip code

Detailed sales information by housing type by zip code



Note: although they're listed as muli-family homes, many of these homes actually serve as single family homes.

Tuesday, February 13, 2007

2006 in Review

Now that 2006 is in the record books, I thought it'd be helpful to look back to see what happened. Highlights:

  • The district recorded slightly less than 9,000 homes and condos sales in 2006.
  • As was demonstrated each month, condos comprised about 50% of all recorded sales for the year.
  • The highest number of sales for each type of housing were recorded in May or June.
  • Average and median prices for condos peaked in May 2006; no discernible pattern is apparent for the other housing categories.

In terms of the 'hottest' areas for sales (zip codes):

  • Condos: 20001, 20005, and 20009
  • Rowhouses: 20002, 20011, and 20001
  • Detached homes: 20015, 20016, and 20018
  • Semi-detached homes: 20011, 20017, and 20019
  • Multi-family homes: 20002, 20009, and 20003

All 2006 recorded sales can be viewed at DCHomePrices.com and DCCondoPrices.com.

Detailed Sales Information

Change in average sales prices [January - December 2006]:

  • Condos: .554%
  • Rowhouses: 1.877%
  • Detached homes: 4.685%
  • Semi-detached homes: -14.85%
  • Multi-family: -4.492%

Change in median sales prices [January - December 2006]:

  • Condos: .817%
  • Rowhouses: 1.371%
  • Detached homes: -11.869%
  • Semi-detached homes: -1.821%
  • Multi-family: 3.359%

Sunday, February 11, 2007

Announcing DCCondoPrices.com (BETA)

I launched DCHomePrices.com in January 2006 to make it easier for home buyers and sellers to see what homes are selling for in their neighborhoods. I thought that displaying home sales records on a map would make it easier to research the housing market instead of the time "honored" practice of perusing pages of home listings provided by a real estate agent.

DCHomePrices.com did not provide information on condo sales in the District, which somewhat limited its usefulness since condos comprise more than half of all housing sales in the District. I'm fixing that omission with the launch of DCCondoPrices.com.

Just as you can at DCHomePrices.com, on DCCondoPrices.com you can search condo sales for up to the past 12 months. You can search by zip code and by neighborhood. There are two types of map markers, one for a single condo sale and one for multiple sales in one building (see below).

The site is still in BETA, there are a few bugs to work out, but check it out and kick its tires.

Saturday, February 10, 2007

Analysis: DC December Sales

I've just posted DC home sales recorded in December on DCHomePrices.com. As in October and November, it wasn't a pretty month compared to the same month in 2005. Average and median prices declined again (-13.11% and -.02%) and the number of transactions fell 19.55%.

Condos maintain their 50%+ share of housing unit sales recorded in DC. Among the new condo units with sales recorded in December are:

  • 1133 14th St NW (Alta at Thomas Circle): 11 units
  • 2425 L St NW (Columbia Residences): 48 units
  • 2120 Vermont NW (Rhapsody): 3 units
  • 1401 Q St NW (Q14): 3 units
  • 910 M St NW (The Whitman): 24 units
  • 1323 K St SE (Potomac Square): 7 units
  • 1520 Independence Ave SE (Capitol Square): 9 units
  • 2750 14th St NW (Lofts of Columbia Heights): 8 units
  • 1457 Park Rd NW: 10 units
  • 2472 Alabama Ave SE: 4 units
  • 1451 Belmont St NW (Fedora) : 3 units
  • 1454 Belmont St NW (City Overlook) : 3 units

My next posting will be a comparison of 4Q 2006 with 4Q 2005.

Detailed home and condo sales data

City-wide average and median sales prices and sales volume by zipcode:

City-wide average and median sales prices and sales volume by type of housing by zipcode:




Monday, February 05, 2007

Analysis: DC November Sales

On the heels of last week's posting about sales recorded in DC in October, I've completed a similar analysis for November's recorded sales. Pricing trends remain negative, with average and median sales prices being negative in November YoY.

Among the new condo units with sales recorded in November are:

  • 1133 14th St NW (Alta at Thomas Circle): 26 units
  • 2425 L St NW (Columbia Residences): 25 units
  • 2120 Vermont NW (Rhapsody): 8 units
  • 1401 Q St NW (Q14): 13 units
  • 1413 P St NW (Cooper Lewis): 2 units
  • 910 M St NW (The Whitman): 28 units
  • 2750 14th St NW (Lofts of Columbia Heights): 7 units
  • 1451 Belmont St NW (Fedora) : 5 units
  • 1438 Columbia Rd NW (Piedmont): 4 units
  • 1457 Park Rd NW: 9 units
  • 1348 Euclid St NW (Verona Parc): 6 units
  • 2472 Alabama Ave SE: 8 units

Highlights of November 2006 sales compared to November 2005:

In the aggregate, pricing and volume metrics are lower YoY. Condos maintain their 50%+ share of the DC housing market. My belief is that the closing of new condos, including the 141 listed above, gave the condo market a boost on the volume side.

Detailed home and condo sales data

City-wide average and median sales prices and sales volume by zipcode:

City-wide average and median sales prices and sales volume by type of housing by zipcode: