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%.
Average Sales Price