Wednesday, April 08, 2009

District Sales: January 2009

I've completed my analysis of January 2009 sales of homes and condos, as recorded by the District. Compared to the last two analyses I performed, this was a piece of cake - only 432 sales to process. The table below shows January 2009 average and median sales prices and unit volume by zip code and the percentage change from January 2008.

By my count, 75 recorded sales - 17.36% of the month's transactions - were foreclosures; Fannie Mae, Deutsche Bank, and HSBC were among the lucky "buyers".

The following table shows the change in prices and sales volume for each District neighborhood; few were in the black for the month. YoY, dollar volume fell by $62.2MM and 59 fewer units sold.

State of the Market

In January the District recorded 432 residential sales. The average sales price fell 15.97% and the median sales price fell 14.95%. The condo market was decked: unit sales were down 39.57% YoY and dollar volume tumbled 42.55%. Condo prices fell, too.The number of homes sold soared 23.94% and dollar volume was similarly positive, up 21.43%. However, average and median sales prices for homes fell 27.56% and 30.06%, respectively. Sixty of the foreclosures were of single family homes, which may explain the opposing direction of prices and volume.

Wards 3 and 6 had a positive month, experiencing price increases despite a precipitous fall in unit volume.

Condo sales ruled Wards 1, 2, and 6, constituting 59.18%, 76.79%, and 54.44% of units sold, respectively.

Distribution of Sales

The chart below shows the distribution of January's recorded sales by sales price.

Download the Data

You can download a listing of the District's January 2009 home and condo sales discussed in this post for $2.50. Information in the listing includes [see below]:

  • Address
  • Sale price and sale date
  • Unit number [if a condo and if available]
  • Price per square foot
  • Square footage
  • The number of bedrooms and baths for each unit

Note: Data may not be available for all properties. My analysis is dependent upon the completeness and fidelity of the District's appraisal data.

January 2009 Sales ListingsAdd to Cart

Detailed Data

Sales by Neighborhood

Category by Zip Code


Category by Ward

Disclaimer:

  • Unlike MRIS, my data and analyses include new units [primarily condos] so there will be some differences in my conclusions about the market's state compared to a similar analysis based solely on MRIS reports, which only report sales of existing units sold and/or listed by real estate agents.
  • This analysis is of sales recorded by the District during the month as opposed to sales settled in the month, which is what MRIS reports, so there may be some discrepancies because of timing issues. However, I believe the data do provide a helpful indicator of trends in the District.
  • Sales may have been recorded by the District's Recorder of Deed during the month yet may not appear in the District's real property sales database, my data source, many months later. Consequently, those sales will not be in the month's analysis.
  • My analysis is based on District sales and appraisal data that I've collected and processed. I've deleted those sales that appear to be of questionable data quality. Errors are always possible.
  • My analysis is limited to condos and single family homes; I omit properties the District classifies as multifamily conversions. I'm sure I'm excluding some properties that are legitimate single family homes, but I want to eliminate uncertainty.

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