Wednesday, June 11, 2008

MRIS May 2008 Sales Report: Preliminary data

MRIS released data on May's sales of existing homes and condos in the District this morning. I won't get a chance to do a full analysis until tonight, but it looks like the market is still challenged.

  • Dollar volume is down 17.58%
  • Number of units sold fell 22.87%
  • Average and median prices are up 6.86% and 5.01%
  • Almost 10% of homes and condos sold - 52 - sold for more than $1MM and 7 of those sold for more than $2.5MM.

At a glance, it looks like the number of condos sold fell 27%, but their average price rose 2.68%.

Update [June 12]: Our A/C died Monday night. We've gone from simply replacing the [34 year old] furnace to that, the indoor coils, and the outside condenser. The net effect is we've spent our evenings at the local Days Inn while awaiting the installation of the new equipment so I've been unable to get to the MRIS data as promised. If all goes well, I should be able to get to it tonight.

1 comment:

Michael Roberts said...

I think those numbers need better perspective.

A 20%-ish decline, year-over-year, is a HUGE improvement over April's 40% decline.

I'd call that a 33% increase, month over month.**

With prices increasing, and reasonably high volume, I'd say we hit bottom and are turning the corner in DC.

**Explaining my math here: 40% off in April is a volume equal to 60% April 2007. 20% off in May is a volume equal to 80% of May 2007. So, from April to May of this year we went from 60% to 80% of the 2007 values for those months, a 33% increase.