I've finished processing, geocoding, and uploading sales data for July 2009. The table below shows July 2009 average and median sales prices and unit volume by zip code and the percentage change from July 2008. This blog is starting to sound like "99 Bottles of Beer on the Wall" - each month's verse is the same, it's just the month that changes. Once again, sales volume up, prices down. "Sell one more, for a lower price..." I think I'll stick to my day job.
I noticed our Canadian friends have bought another property, a rowhouse near the Capitol, paying slightly more than $2.2M. I guess the toonie goes further down here now.
State of the Market
In July the District recorded 760 residential sales. Overall, prices were down, sales volume was up. District-wide, average sales price fell 9.93% and the median sales price fell 10.2%. Unit sales were up 8.57%. The condo market suffered a 1.48% increase in unit sales and dollar volume declined 8.21%. The number of homes sold grew a healthy 15.19% and dollar volume was up a slight 1.58%. However, average and median sales prices for homes fell sharply, down 11.82% and down 19.57%, respectively. By my estimation, foreclosures accounted for 68 of the recorded sales, about 8.9% of sales.
All but two Wards saw declines in average and median prices; two (Wards 3 and 6) had positive price growth. Despite that, all but three had an increase in unit sales.
Condo sales ruled Wards 1 and 2, constituting 74.49% and 78.57% of units sold, respectively.
Almost all neighborhoods saw declines in average and median prices.
Distribution of Sales
The chart below shows the distribution of July'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.