I've finished my analysis of full value residential sales the District recorded in December 2007. Same old, same old [second verse]. 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 December 2007 the District recorded 466 residential sales, 36.86% less than the same month in 2006. Dollar volume fell, too.
Wards 1-3 and 7 had positive growth in prices; every ward had lower sales volume. Condo-dependent Ward 2 had the steepest drop in sales volume, down 55.02%
Condo sales continue to dominate Wards 1 and 2. In Ward 1, 71.05% of sales were condos and in Ward 2, 81.91%. More than half of all sales in Ward 5 were rowhouses [51.22%] while detached homes dominated Ward 3 [42.62%].
Distribution of Sales
The chart below shows the distribution of December's recorded sales by sales price.
Changes in the Market YoY
In the aggregate, average prices were up 12.38% while median prices were relatively flat, eking out a 1.14% increase. Sales volume continued its downward spiral, falling 36.86%; condos fell 41.07% and homes declined 30.94%.
The number of condos sold [existing and new] fell 41.07% YoY. Average prices fell 4.59% and median prices fell 6.14%. Once again, a factor that may affect the YoY comparison is that a number of new buildings were coming online in December 2006, including Columbia Residences, the Alta, Q14, the Rhapsody, the Whitman, the Artisan, and the Fedora, among others. Sales in Wards 1 and 2 [Dupont Circle / Penn Quarter / Logan Circle] represented 51.57% of total condo sales. Sales for TenTenMass are finally appearing in the district's sales database! Several condo buildings have come online (e.g., CityVista) and others continue to sell their remaining inventory (e.g., the Whitman):
- Kenyon Square (1390 Kenyon NW): 9 units
- The Grant (1314 Massachusetts Ave NW): 4 units
- 1010 Mass (1010 Massachusetts Ave NW): 4 units
- Logan Station (1210 R St NW): 2 units
- The Flats at Union Row (2125 14th St NW): 14 units
- The Whitman (910 M St NW): 4 units
- L at CityVista (440 L St NW): 8 units
- Jenkins Row (1391 Pennsylvania Ave SE): 26 units
- Nova Vitalis (1106-1108 Columbia Rd NW): 8 units
- Chase Point (4301 Military Rd NW): 1 unit
Single Family Homes
Overall demand for single family housing is down 30.94%. Average prices jumped 25.68% and median prices leapt 12.7%. All categories of houses had declining sales volume. Once again, Ward 3 has the honor of having the highest average and median prices in the District. I continue to believe the high end homes are skewing the results. For example, one home in Georgetown sold for $7.5M and another in Wesley Heights sold for $3.775M; those two alone represent 7.75% of the dollar volume for single family home sales.
Purchase the Data
For $5.00, you can purchase a listing of the December 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.
|December 2007 Sales Listings|
Aggregate by Zip Code
December 2007 average and median sales prices and unit volume by zip code.
Aggregate by Ward
December 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.