Despite my being on vacation last week, MRIS insisted on adhering to its schedule and last Monday released July's data for signed sales contracts for existing home and condos in the District. Sales and dollar volume are up and prices are lower than the same period last year. So, yes, sales are up and yes, the supply is dropping, but prices are still falling. Keep the champagne on ice [if you're a seller].
July's data are interesting:
- Overall dollar volume was up 6.73%. It was an explosive month for condos, with a 22.35% upward movement. Homes ticked down by 0.91%. Attached homes were uniformly positive in their performance for the month.
- Sales volume was tremendous, increasing a robust 28.06% YoY. Condos and homes both shared in the positive growth, increasing 29.29% and 26.97%, respectively.
- However, all was not rosy if you were a seller: average prices fell 16.66%. Condo prices fared better, only declining 5.37%, while home prices tanked, dropping 21.96%. Not a single home category experienced higher prices in July.
- Of all homes and condos sold, 46 units - 7.1% of all sales - sold for more than $1MM.
- At July's sales rate, there is a 5.27 month's supply of condo units on the market, 13.86% less than June. For homes, 5.14 months, 6.97% less. Compared to July 2008, the number of condos listed grew 3.5% and fell 2.7% for homes.
Side note: I'm still processing District sales data for March - June. Before I can complete that work, upload the data, and post an analysis, I first need to attend to my "extensive" IT infrastructure and modify some Excel VB code that, quite honestly, makes this a more onerous task than it should be.
Average Sales Price