Monday, January 12, 2009

MRIS December Housing Report: Awful Month, End of an Awful Year

MRIS released its data for signed sales contracts for existing home and condos in the District during December 2008 last week. Not only do we know how the market "performed" that month compared to December 2007, we're now also able to see how it fared for 2008. Either way, it wasn't pretty.

Compared to December 2007, everything tanked: unit sales, dollar volume, average and median sales prices. Key YoY data points:

What I'm seeing in December's data:

  • The condo market continued to drop: unit sales and dollar volume fell 14.29% and 25.38% YoY, respectively. Home sales were no better: unit sales down 8.47%, dollar volume down 29.24%.
  • YoY, average prices for condos fell 12.94% while those for homes declined 22.7%.
  • Based on December's sales volume, there is a 7.7 month inventory of condos listed and 8.44 month's supply for homes. The good news is this is a 33.28% decrease for condos and a 25.54% decrease for homes from November, although the drop could simply reflect that sellers took/kept their homes off the market during the holidays. Compared to December 2007, the number of condos listed is up 10.34%, while home listings grew 24.74%.

For the year [December compared to January]:

  • Aggregate average prices fell 19.7%.
  • Condo prices fell 16.77%.
  • Home prices fell 22.01%.

2008 compared to 2007:

  • Total: dollar volume fell 25.02%, unit sales were down 26.61%.
  • Condos: dollar volume fell 32%, unit sales fell 33.18%.
  • Homes: dollar volume fell 20.7%, unit sales fell 19.37%.

2008 Trends

Average Sales Price


Change in Sales Price

Unit Sales Volume


Dollar Sales Volume

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

4 comments:

Anonymous said...

Thanks for the info. I would love to see a comparison of 2007 v. 2008 by neighborhood. It would be interesting to see which neighborhoods have been hit harder and which are holding up better.

Keith said...

Unfortunately, MRIS doesn't provide that level of granularity on its web site.

Anonymous said...

We're about to close on an Old City II condo. Hope we aren't completely screwed with the market timing.

From my experience this past month, sellers are really holding hard to their belief that they deserve an appreciations. Not many were willing to bargain realistically. Makes the whole market slow to adjust. A couple condos we were interested in were pulled and rented rather than sold for a lower price.

Just some random thoughts. Thanks again for your work--it helped me a lot in this process.

Anonymous said...

You can search by ZIP Code however: http://www.mris.com/reports/stats/zip_stats.cfm