Saturday, July 12, 2008

MRIS June Housing Report

MRIS has released its data for signed sales contracts for existing home sales in June 2008. Compared to June 2007, fewer units sold, dollar volume was lower, but average prices for condos and single family homes rose.

Key YoY data points:

  • Dollar volume: Down 14.49%.
  • Units sold: 550, down 19.59%.
  • Average sales price: $ 571,055, up 6.35%.
  • Median sales price: $ 425,000, up 2.41%.

Slightly more than 8% of units [45] sold for more than $1MM. Amazingly, 26 4 bedroom homes sold in the $1MM - 2.5MM price range. Seven condos sold for more than $1MM; of those, three sold in the $2.5MM - $4.5MM price range.

What I'm seeing in the data is:

  • Compared to May, the number of condos sold fell 3.32% while home sales increased 9.92%.
  • With a few exceptions, for almost every category of housing reported by MRIS unit sales and dollar volume have fallen dramatically YoY. Condos are down 20.34% on dollar volume and 25.36% on unit volume. Homes down 10.62% on dollar volume and 13.51% on unit volume.
  • In aggregate, the average price in the District has risen 2.61% in 2008 [June compared to January]. Compared to January 2008, June's average prices for condos are up for the year [+4%] while those for homes have risen 2.15%.
  • Based on June's sales volume, there's now 6.21 months of inventory for condos and 6.59 months for homes, decreases of 0.54% and 9.17% from May 2008. Compared to June 2007, the number of condos listed has fallen 5.5% while rising 18.9% for homes.

2008 Trends

Average Sales Price

Change in Sales Price

Unit Sales Volume

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

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