Last week MRIS released its data for signed sales contracts for existing home and condos in the District during April 2009. In a nutshell, sales volume up, prices down.
[Updated to correct condo data errors] What I'm seeing in April's data :
- Despite a 13.32% increase in unit sales, dollar volume was flat, up 0.62%. Considering that 31 properties sold for more than $1MM, I interpret this to mean that prices at the market's low end are falling substantially.
- More homes sold [up 17.82%], but at lower prices [down 21.17%]; overall dollar volume was 2.08% lower. 22 homes sold for more than $1MM.
- YoY, condo unit sales were up 7.83%, dollar volume popped 16.76%. Average prices rose 8.28% to $453,037. I attribute much of the increase in dollar volume and average price to the 9 condos that sold for more than $1MM.
- Based on March's sales volume, there is a 9.9 month inventory of condos listed [a 9.19% increase from March] and 8.34% month's supply for homes [a 7.38% decrease]. Compared to March 2008, the number of condos listed is up 3.2%, while home listings grew 4.42%.
Average Sales Price