Now that 2007 is behind us and 2008 is off to a scary start, I thought I'd provided a summary of full value residential sales the District recorded in 2007, compared to 2006. 2007 highlights:
- Condos comprised more than half of all units sold in the District.
- Average and median sales prices rose for all categories of single family homes and were flat/negative for condos.
- Sales volume fell for every housing category.
- Dollar volume fell across the board.
Mapped sales data can be be viewed below.
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State of the Market
The District recorded 7390 residential sales in 2007, 12.33% less than 2006. Dollar volume fell, too.
Ward 3 had a strong year with steep increases in average and median sales price. Ward 7 followed closely with positive price growth despite falling sales volume. The remaining wards had slightly positive or negative price gains. Only Ward 6 had positive growth in sales volume.
Condo sales dominated Wards 1-3 and 8. In no other instance did any type of housing represent more than 50% of sales in any ward.
Distribution of Sales
The chart below shows the distribution of sales recorded in the District in 2007, by sales price.
Almost 40% of units sold cost $350,000 or less.
Changes in the Market YoY
In the aggregate, average prices were up 4.27% while median prices were essentially flat. Sales volume fell 12.33%; condos fell 9.78% and homes declined 15.21%.
The number of condos sold [existing and new] fell 9.78% YoY, from 4470 to 4033. Average prices rose 0.29% and median prices fell 1.46%. Dollar volume fell 9.51%.
Single Family Homes
Overall demand for single family housing was down 15.21%. Average prices increased 8.75% and median prices grew 5.01%. All categories of houses had declining sales volume. Dollar volume fell 7.79%. Prices rise while fewer homes sell. Ward 3 has the honor of having the highest average and median prices in the District.
Purchase the Data
You can purchase the listing of 2007 home and condo sales recorded in the District for $75.00. 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. This particular listing, in PDF format, has 361 pages; the file is about 3MB in size.
|Full Year 2007 Sales Listings|
Aggregate by Zip Code
Full year 2007 average and median sales prices and unit volume by zip code.
Aggregate by Ward
Full year 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.