Last week MRIS released its data for signed sales contracts for existing home and condos in the District during March 2009. I have to say it was an odd month. As you can see below, all metrics - save transaction volume - were negative.
When you look at the data, you'd think there's a sudden boomlet in condo sales since MRIS' data show a 16.37% increase in dollar volume and an almost 30% increase in average sales prices for that market. However, a little investigation showed that ten condos sold for more than $1MM; two cost between $2.5-5MM and one sold for more than $5MM. The latter, located at the Georgetown Ritz-Carlton, sold for $7.295MM and was the subject of a story by my buddies at UrbanTurf. Since MRIS' data aren't granular enough for detailed analysis, it's difficult to determine the degree to which these particular sales skewed the market. At least until I analyze the District's sales data. Since the Ritz-Carlton sale clouds an effective analysis of the month's sales using MRIS data, I declare the month null and void thanks to the Gazillionare Effect.
What I'm seeing in March's data:
- More homes sold [up 14.21%], but at lower prices [down 26.04%], so overall dollar volume was 15.52% lower. Nineteen homes sold for more than $1MM.
- YoY, condo unit sales fell 10.34% and average prices rose 29.79%, which is is questionable thanks to the gazillionaire's purchase at the Ritz.
- Based on March's sales volume, there is a 9.07 month inventory of condos listed [a huge 43.76% decrease from February] and 9 month's supply for homes [a 25.04% decrease]. Compared to February 2008, the number of condos listed is up 1.98%, while home listings grew 8.14%.
I wonder what the condo fee is at the Ritz-Carlton.
Average Sales Price