Here I am, little old me, struggling to finish processing the District's sales records for June and I find this on the web:
I don't think their index is the same as the Case-Shiller index, which started in January 2000.
I take comfort in knowing they took the easy road. Anyone can do single family homes, it's doing the condos that separates the "men" from the "boys" [no sexism intended].
The S&P/Case-Shiller Home Price Indice report for August 2008 was released today. It " shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed throughout the first half of 2008 and has continued into the second half...Once again, the indices have set new records, with annual declines of 17.7% and 16.6%, respectively. However, the acceleration in decline was only moderate in August. The July data reported annual declines of 17.5% and 16.3%, respectively."
August's report gives the impression that DC homes prices may have hit bottom. The rate of monthly decline - the acceleration - has lessened and while homes prices were lower YoY, they were not as low as September's YoY pricing data. Effectively, the DC area's home price index has fallen to slightly above July 2004, but below AUgust 2004.
A 15.35% price decline is painful, but it's nothing compared to other cities. YoY, Las Vegas is down 30.6%, LA down 26.7%, Miami down 28.1%, and SF down 27.3%.
The charts below reflect home price data for the Washington, DC MSA.
It's taken a while, but I've finally been able to process data for sales recorded in the District in June 2008. The data have been uploaded and can be viewed at DCHomePrices.com and DCCondoPrices.com. Analysis forthcoming after I return from my weekend trip to Houston.
I've started processing the District's data for sales recorded in June 2008. It'll take me a few days to plow through it, but preliminary sales information on average prices per ward per housing type is provided in the table below.
MRIS released its data for signed sales contracts for existing home sales in September 2008 yesterday. Compared to September 2007, unit sales are flat, there was lower dollar volume, but average sales prices for condos skyrocketed while those for single family homes tanked.
Since condo unit sales fell 12.61% and I know that about 5% of condo unit sales sold for more than $1M, 2 for more than $2.5M, I'm going to assume the apparent resurgence in the condo market's average sales prices is illusory.
Key YoY data points:
What I'm seeing in the data is:
2008 Trends
Average Sales Price
Change in Sales Price
Unit Sales Volume
Dollar Sales Volume
Detailed Data
Average Sales Price
Dollar Volume
Transaction Volume
MRIS released data for September 2008 sales in the District this morning. At a glance, it looks like average sales prices are down for all housing types except condos, but the ten condos that sold for $1M or more may have skewed the average. Even high end homes took it on the chin.
Key data points YoY:
Analysis forthcoming.
She'll be thrilled to hear her son "made" the Wall Street Journal today.
Of course, now what do I do for an encore?
But is it economical?
I thought it would be interesting to see how much a District condo costs on a per square foot basis in each District neighborhood. Moreover, does sales price per square foot increase or decrease as the number of bedrooms increase? So, I pulled data for 2008 condo sales [January - May] and, after deleting those sales for which I had no information on sales price per square foot [usually because the condo's CAMA data aren't available through the District's public websites], plopped it into an Excel pivot table. See the table below.
In the aggregate, sales price per square foot decline as the number of bedrooms increases. Obviously, there are exceptions, but in general the rule applies for each neighborhood, too.
Interestingly, the most expensive condo sale on a $/sq ft basis in Old City II was a 419 square feet studio that sold for $942.72/sq foot.
