Thursday, February 19, 2009

MRIS January 2009 Housing Report: No let up

MRIS released its data for signed sales contracts for existing home and condos in the District during January 2009 last week. Compared to January 2008, the bloodbath continues: unit sales, dollar volume, average and median sales prices all fell. Key YoY data points:

What I'm seeing in January's data:

  • The condo market's freefall continues: unit sales and dollar volume fell 34.67% and 36.99% YoY, respectively. Home sales were no better: unit sales down 7.74%, dollar volume down 24.75%.
  • YoY, average prices for condos fell 3.56% while those for homes declined 18.44%.
  • Based on January's sales volume, there is a 15.66 month inventory of condos listed [a 102.79% increase from December] and 11.94 month's supply for homes [a 41.44% increase]. This, when a 6 month supply indicates a stable market. Compared to January 2008, the number of condos listed is up 7.72%, while home listings grew 15.48%.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

2 comments:

Kevin said...

Once again, thanks for doing this.

So it looks as if high end homes and condos are in the same basket, so to speak. Both have not really dropped in price but they have experienced a large drop in transactions. I wonder as time goes on how that will change. I imagine condo inventory grows and prices drop, while there are only so many high end homes for sale in the district. Does inventory continue to grow into the spring or is January typically when units are dumped onto the market?

Meanwhile the lower end homes are being hit hard. And I can't imagine this coming spring season will alleviate that. I want to buy a small home, but I'm also a bit spooked.

I was cleaning out my junk email and ran across some emails from Parker Flat which I signed up for in late November. I've pulled out the advertised prices:

05 DEC 08
1BR FROM $286,900
1BR/DEN FROM $319,900
2BR FROM $379,900

14 Jan 09
1BR FROM $286,900
1BR/DEN FROM $319,900
2BR FROM $349,900

20 Feb 09
1BR FROM $269K
1BR/DEN FROM $299K
2BR FROM $339K

Granted the drops could be from lower end units coming on the market, but I thought I would share.

Hope you enjoyed MARDI GRAS!

Brandon said...

Wow--those condo prices plummeted!