It'll probably be February before MRIS releases its consolidated report on sales of existing homes and condos [those listed or sold by real estate agents] in the District in 2007. However, I've performed my own analysis using the data I've collected during the year. Key data points for 2007 compared to 2006:
- Dollar volume was down 3.74% to $3.7B.
- The average price for a home [single family homes and condos] was up a slight 1.17%, to $532,681.
- The number of units sold - transaction volume - was down 4.85% to 6,940 homes and condos.
I don't have data for median sales prices and average days on market; that'll have to await MRIS' 2007 report.
Compared to full-year 2006, in 2007 we see:
- Sales volume. Overall, down 4.85%. Unit sales for single family homes declined 13.02%; condo sales volume grew 4%. Every category of single family home experienced a decline in sales volume in 2007 vice 2006. Condos represented more than half of the units sold, 52.46%.
- Dollar volume. In aggregate, down 3.74%. Condos were up 3.13% while single family homes were down 7.81%. Dollar volume was negative for every category of single family home except 3 bedroom detached, which rose 3.57%. There was roughly a 60/40 split in share between single family homes and condos.
- Average sales price. Overall, slightly higher than flat, up a mere 1.17%. Condos fell 0.84% to $404,760 while single family homes rose 5.99% to $673,863. Exdcept for 2 bedroom attached homes, every category of single family housing experienced higher average prices in 2007.
To sum up 2007: Homes made up in sales price what they lost in volume. More condos sold, but for lower prices.
Note that 2006 sales figures were significantly lower than 2005's, the peak of the boom. Comparing 2006 to 2005:
- Dollar volume was down 22.63% from $4.96B
- Average sales price was a tad lower, down 0.35% from $528,363
- Sales volume retreated 22.36% from 9,395 units.
Given that the 2006/2007 rate of decline was not as steep as 2005/2006, it'll be interesting to see whether 2008 marks the bottom of the District's market or that 2007 was simply the eye of the hurricane.
Average Sales Price