Wednesday, December 10, 2008

MRIS November 2008 Sales Report: Preliminary data

Yikes!

I don't know what else to say. Today MRIS released November's data for sales of existing homes in the District and it's awful. Probably the worst YoY performance I've ever seen. Key points:

  • Dollar volume down 34.36%
  • Unit sales volume [aggregate] down 31.51%
  • Home unit sales down 21.78%
  • Condo unit sales down 40.95%

At that sales rate, the condo market almost has a year's supply listed for sale.

Analysis forthcoming.

5 comments:

Anonymous said...

I've been analyzing the stats as well. The months supply of homes is rising, even in affluent zip codes. In fact, nearly every zip code has a greater than 6 month supply of homes. It looks like the tight credit markets are really taking a toll on the number of purchases. Some zip codes are seeing big price drops too. 20002 and 20011 are experiencing big drops now. I watch the MLS listings closely. The number of homes under $300k has been rising much more rapidly than the overall rise.

Anonymous said...

"At that sales rate, the condo market almost has a year's supply listed for sale."

Is a year's condo supply bad? If the market clears in one year it seems good. Help me to understand if my understanding is incorrect or it was just a simple mistake in you post.

Anonymous said...

Some interesting notes from the Prince of Petworth blog today. Hipchickindc, a real estate broker, commented that this November was one of the busier Novembers that she can remember.

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Keith said...

Anonymous @ 2:08PM:

A six month supply is viewed as indicative of a balanced market. Less than 6 months, the market's hot; more, cool / cold / comatose. A year's inventory is not good if you're a seller, it's great if you're a buyer.