Sunday, August 10, 2008

MRIS July Housing Report: Not an Olympic month

MRIS has released its data for signed sales contracts for existing home sales in July 2008. Compared to July 2007, fewer units sold, there was lower dollar volume, and average prices for single family homes were higher while those for condos fell. Forty three of the units sold, 8.5%, were valued at more than $1MM [recall my earlier comments on the higher end skewing the numbers].

Key YoY data points:

  • Dollar volume: Down 29.82%.
  • Units sold: 506, down 31.62%.
  • Average sales price: $ 580,119, up 2.64%.
  • Median sales price: $ 422,180, down 2.05%.

What I'm seeing in the data [without adjustments for the high end] is:

  • The number of units going under contract in July compared to June fell 8.8% for condos and 0.73% for homes. Looking at the graph below, one could infer that the market peaked in June.
  • For almost every category of housing reported by MRIS, unit sales and dollar volume has fallen dramatically YoY. Condos are down 35.45% on dollar volume and 34.7% on unit volume. Homes down 26.69% on dollar volume and 28.61% on unit volume.
  • Single family homes continue to grab about 2/3 of the dollar volume, but unit sales are almost evenly spilt between single family homes and condos.
  • Compared to January 2008, the aggregate average price in the District has risen 4.24% [July compared to January]. Average prices for condos are down for the year [5.47%] while those for homes have risen 9.81%.
  • Based on July's sales volume, there's now 6.58 months of inventory for condos and 6.71 months for homes, increases of 5.98% and 1.84% from June 2008. But, compared to July 2007, the number of condos listed has risen 1.2% and for homes, 15.0%.

2008 Trends

Average Sales Price

Change in Sales Price

Unit Sales Volume

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume


Tom A. said...

hey there! I'm amazed at the glut of homes for sale in DC right now! According to Redfin there are over 500 homes for sale in 20002, (so many it won't tell me the total amount!) 352 in 20001, and 416 in Columbia Heights (20009 and 20010 combined.)

Do you know if there has ever been such a glut in the past? I've heard of buyer's markets, but this is ridiculous!

Keith said...

I have no idea. MRIS' reports for past years might shed some light.