Friday, April 10, 2009

MRIS March 2009 Sales Report: Preliminary data

Today, MRIS released March's data for sales of existing homes in the District. Although the market isn't improving, its precipitous decline has slackened, at least for now. Key points [YoY]:

  • Dollar volume down 3.6%
  • Average price is down 5.05%, median is down 6.13%
  • Unit sales volume [aggregate] up 1.53%
  • Home unit sales up 14.2%
  • Condo unit sales down 10.3%

Sales prices were 91.81% of list, much better than the previous two months. At March's sales rate, the condo market has a 9 month supply listed for sale, a significant improvement.

My own experience during la chasse has been that, for the most part, homes that are in move-in condition and are priced right move quickly. Otherwise, they sit on the market and experience the joys of periodic price reductions of up to $80K at a pop [the $400K price reduction yesterday of 2501 Wisconsin Ave NW #403 was quite spectacular].

Analysis forthcoming after a quick trip to Kansas to see the grandkids [and their parents].

4 comments:

Anonymous said...

2501 Wisconsin Ave NW #403 – not a real price drop, they are just trying to get an offer to start a short sale process… I do not know who would pay so much money for an apartment that is overlooking a very busy street – 1010 Mass would be ten times better.

Ben said...

I'm personally waiting for the Condo market in DC to come crashing.

Why would you pay 500k+ for a 2 bedroom condo these days (plenty to choose from) when you can purchase a updated 2 bedroom row house for the same price?

Keith said...

There are more condos that fit that criteria than rowhouses. Based on my recent experience, you'll have tougher competition trying to buy that rowhouse than that condo.

Anonymous said...

real price drop or not -
Why would anyone pay $1.25M (earlier list price) for unit #403 when you can get unit #102 in the same building for less than that and get another 500SF.