Wednesday, February 11, 2009

MRIS January 2009 Sales Report: Preliminary data

MRIS released January's data for sales of existing homes in the District and it shows the market isn't improving. Condos continue to take it on the chin. Key points:

  • Dollar volume down 29.18%
  • Unit sales volume [aggregate] down 20.44%
  • Home unit sales down 7.74%
  • Condo unit sales down 34.67%

Notably, sales prices were 89.5% of list, the worst I can recall seeing.

At January's sales rate, the condo market has almost a 16 month supply listed for sale.

Analysis forthcoming.

3 comments:

Anonymous said...

DC is in some trouble. It just isnt moving inventory the way the rest of the NOVA areas are.

In fact, DC is beginning to look a lot less like Arlington & Alexandria (best performers in the area), and more like Suburban MD. I dont think it will reach the rate of decline that any of the suburbs have, but it will be the clear (3rd best) behind Arlington & Alexandria.

Anonymous said...

I think also the 16 months of inventory for condos must understate things if these reports are for existing homes... there are a lot of new condos on the market....

Anonymous said...

The condo situation is likely even in worse shape than 16 mo. inventory because there have been reverse conversions of proposed condos back to apartments. Oddly, the rental market still seems quite strong with little price weakening. I would be interested to see changes in vacancy rate there.