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.