Thursday, July 10, 2008

MRIS June 2008 Sales Report: Preliminary data

MRIS released data for June 2008 sales in the District this morning. The data indicate the market's still in bad health. Key data points YoY:

  • Dollar volume: down 15.04%
  • Number of units [all categories] sold: down 19.59%
  • Number of condos sold: down 25.4%
  • Number of homes sold: down 13.5%

Analysis forthcoming.

4 comments:

Anonymous said...

Not surprising since the DC metro area is a bubble market.

http://www.cepr.net/documents/publications/ownrent_2008_04.pdf

Interestingly prices for many condo units sold at the height of the bubble are still not below the initial sales prices from the developers. If condo prices are more suceptible to bubbles, I would expect these prices to fall.

I see a unit in a PN Hoffman building that has as REO addendum, meaning that a bank probably foreclosed and owns it:

http://www.redfin.com/DC/WASHINGTON/2301-CHAMPLAIN-St-NORTHWEST-20009/unit-413/home/10195345

At 1300 square feet, with outdoor space and high ceilings, the price per square foot is $507. Since parking is included, the ppsf for comparing with units without parking is $480 psf. Expect more premium units like this one to fall to this level per square foot and beyond.

Joshua said...

Seller: 2327 CHAMPLAIN L L C

Property Address: 2301 CHAMPLAIN ST NW, UNIT 413, WASHINGTON, DC 20009

**************************** SALES INFORMATION *****************************

Sale Date: 3/25/2005

Recorded Date: 3/29/2005

Sale Price: $ 612,400 (Full Amount)

Anonymous said...

does this (and your analysis) cover the old town market as well?
A number of the new units in old town (carlyle district and beyond)seems to be selling - slowly but at 450 - 500 per sqf. is this market stable (compared to inside dc) or still heading lower?

Keith said...

No, I only cover the District of Columbia proper.