I've completed my analysis of February 2009 sales of homes and condos, as recorded by the District. The table below shows February 2009 average and median sales prices and unit volume by zip code and the percentage change from February 2008.
Foreclosures were still a significant portion of the "sales" recorded in February, 72 of 372, 0r 19.35%. Deutsche Bank is really taking it on the chin; they "bought" 19 of those 72 properties.
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 $32.7MM and 69 fewer units sold.
State of the Market
In February the District recorded 372 residential sales. The average sales price fell 1.76% and the median sales price fell 14.83%. The condo market was clobbered: unit sales were down 41.84% YoY and dollar volume tumbled 40.24%. The number of homes sold grew 2.38% and dollar volume was similarly positive, up 2.71%. Average and median sales prices for homes were flat to negative, up 0.32% and down 14.77%, respectively.
Wards 2, 3, and 6 had a positive month, experiencing price increases despite a precipitous fall in unit volume.
Condo sales ruled Wards 1 and 2, constituting 52.73% and 78.95% of units sold, respectively.
Distribution of Sales
The chart below shows the distribution of February's recorded sales by sales price.
Sales by Neighborhood
Category by Zip Code
Category by Ward
- 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.