Friday, April 11, 2008

MRIS March Housing Report: It's not good

MRIS has released its data for sales of existing home sales in March 2008. Fewer units sold, lower dollar volume, condo prices down, single family home prices down. A familiar refrain, but the severity of the downturn in March is startling; +40% reductions in volume is not just a small bump in the road.

Key YoY data points:

  • Dollar volume: $ 210,508,482. Down 42.62%.
  • Units sold: 393. Down 39.82%.
  • Average sales price: $ 535,645. Down 4.65%.
  • Median sales price: $ 399,500. Down 8.06%.

In March we see:

  • Sales volume. Overall, down 39.82%, worse than February. YoY, condo and home sales volume dropped through the floor, down 40.99% and 38.51% respectively. Sales volume was negative across the board. Condos represented slightly more than half of the units sold, 51.65%.
  • Dollar volume. In aggregate, down 42.62%. YoY, condos were down 42.6% while homes were down 42.63%. Dollar volume was negative for every category of housing.
  • Average sales price. Overall, down 4.65% YoY. Condos fell 2.74% to $387,669 while homes declined 6.69% YoY to $693,746. Detached homes has solid price growth, but the fact that fewer sold for a lower total dollar volume tells me the high end continues to skew the market; detached homes tend to be the more expensive homes.
  • Days on market. RIP DOM.
  • Inventory. Based on the month's transaction rates and active listings, there is a 7.97 month supply of condos, a 3.74% decrease from February, while home inventories are at 9.56 month's supply, a 5.32% increase compared to February.

Essentially, March continues a downward trend that began in July. When dollar and sales volume each fall by more than 40%, it ain't good out there. Beware the Ides of March?

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

1 comment:

Anonymous said...

You did a nice job on putting together those tables.

About the data, the downward trend is very severe at this point. I wouldn't expect things to turn around anytime too soon. Look for a bottom by the end of 2009 at the soonest.