Last week MRIS released its data for signed sales contracts for existing home and condos in the District during February 2009. Compared to February 2008, the carnage continues: unit sales, dollar volume, average and median sales prices all fell. Key YoY data points:
What I'm seeing in February's data:
- I'm wondering whether we're witnessing the condo market's collapse: unit sales and dollar volume fell 45.05% and 37.04% YoY, respectively. Home sales were just as bad: unit sales down 16.04%, dollar volume down 33.83%.
- To put it in perspective, the least number of condos sold in any month during 2008 was 137 in November. For homes - 168 in January. In other words (or to belabor the point), no month in 2008 had sales volume as low as that of February 2009.
- YoY, average prices for condos rose 14.59% while those for homes declined 21.19%. Overall, prices fell 6.07%. I attribute the decoupling of condo prices to condo sales volume to the fact that 3 condos sold for more than $1MM, one of those in the range $2.5-5MM, presumably skewing the average sales price.
- Based on February's sales volume, there is a 16.12 month inventory of condos listed [a 2.92% increase from January] and 12.01 month's supply for homes [a 0.65% increase]. Compared to February 2008, the number of condos listed is up 5.02%, while home listings grew 1.95%.
Average Sales Price