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].