I've finished my analysis of full value residential sales the District recorded in November 2007. Same old, same old. Sales volume in the District is down, condo prices are falling, single family home prices continue to appreciate despite falling sales volume.
State of the Market
In November 2007 the District recorded 431 residential sales, 32.87% less than the same month in 2006. Dollar volume fell, too.
Only Ward 6 had positive growth in prices and sales volume; the rest had lower prices and/or sales volume. All but one ward had lower sales volume, some of it quite significant [e.g., -59.12% in Ward 2].
Condo sales continue to dominate Wards 1 and 2. In Ward 1, 76.86% of sales were condos and in Ward 2, 62.59%. More than half of all sales in Ward 1 were rowhouses [57.37%] while detached homes dominated Ward 3 [55.13%].
Distribution of Sales
The chart below shows the distribution of November's recorded sales by sales price.
Changes in the Market YoY
In the aggregate, average prices were up 3.34% and median prices increased 3.47%. Sales volume continued its downward spiral, falling 32.87%; condos fell 39.48% and homes declined 22.96%.
The number of condos sold [existing and new] fell 39.48% YoY. Average prices rose 1.29% while median prices fell 2.81%. Once again, a factor that may affect the YoY comparison is that a number of new buildings were coming online in November 2006, including Columbia Residences, the Alta, Q14, the Rhapsody, the Whitman, and the Fedora, among others. Sales in Wards 1 and 2 [Dupont Circle / Penn Quarter / Logan Circle] represented 59.55% of total condo sales. One new condo building has come online and others continue to sell their remaining inventory:
- Kenyon Square (1390 Kenyon NW): 6 units
- Nova Vitalis (1106-1108 Columbia Rd NW): 11 units
- The Beauregard (2100 11th St NW): 4 units
- The Sonata (301 Massachusetts Ave NW): 2 units
- Chase Point (4301 Military Rd NW): 1 unit
Single Family Homes
Overall demand for single family housing is down 22.96%. Average prices flat-lined at 0.17% and median prices grew a stronger 3.94%. All categories of houses had large declines in sales volume. Once again, Ward 3 has the honor of having the highest average and median prices in the District.
Purchase the Data
For $5.00, you can purchase a listing of the November home and condo sales recorded in the District discussed in this post. Information in the listing includes [see below]:
- Sale price and sale date
- Unit number [if a condo and if available]
- Price per square foot
- Square footage
- The number of bedrooms and baths for each unit
Note: I use the District's downloadable data, which usually has a 6-12 month lag, meaning that the data doesn't include condos or homes completed within the past year. Data may not be available for all properties. My analysis is dependent upon the completeness and fidelity of the District's appraisal data.
|November 2007 Sales Listings|
Aggregate by Zip Code
November 2007 average and median sales prices and unit volume by zip code.
Aggregate by Ward
November 2007 average and median sales prices and unit volume by ward.
Category by Zip Code
Category by Ward
- 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.
- This analysis is of sales recorded by the District during the month as opposed to sales settled in the month, which is what MRIS reports, so there may be some discrepancies because of timing issues. However, I believe the data do provide a helpful indicator of trends in the District.
- My analysis is based on District sales and appraisal data that I've collected and processed. I've deleted those sales that appear to be of questionable data quality. Errors are always possible.
- My analysis is limited to condos and single family homes; I omit properties the District classifies as multifamily conversions. I'm sure I'm excluding some properties that are legitimate single family homes, but I want to eliminate uncertainty.