Friday, November 27, 2009

District Sales: August 2009

I've finished processing, geocoding, and uploading sales data for August 2009. The table below shows August 2009 average and median sales prices and unit volume by zip code and the percentage change from August 2008. Once again, sales volume up, prices down.

State of the Market

In August the District recorded 736 residential sales. Overall, prices were down, sales volume was up. District-wide, average sales price fell 11.98% and the median sales price fell 7.94%. Unit sales were up a healthy - nay, robust - 31.9%. Dollar volume grew 16.09%. Overall, although 178 more units sold in August than during the same month in 2008, the average sales price was $60,324 less.

The condo market sparkled with a 28.3% increase in unit sales and a 22.52% increase in dollar volume. Condo prices fell; average sales price lowered 4.5% while median prices declined 9.28%. The number of homes sold surged 35.15% and dollar volume was up 12.04%. However, average and median sales prices for homes fell again, down 17.1% and 9.7%, respectively.

Only Ward 6 had positive price growth in August. Despite that, all wards experienced higher unit sales.

Condo sales ruled Wards 1, 2, and 6, constituting 60% and 80.45%, and 52.63% of units sold, respectively.

Just about every neighborhood in the District saw declines in average and median prices.

Distribution of Sales

The chart below shows the distribution of August's recorded sales by sales price.

Detailed Data

Sales by Neighborhood

Category by Zip Code

Category by Ward

Disclaimer:

  • 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.

2 comments:

Edaniels3 said...

Amazing post of stats to show the local number crunching home shoppers evaluate the marketplace. One insight is to break it down into specifics to clearly display for the local Joe. Very impressive work though, good job. We need that crunching for up north in Massachusetts.

Anonymous said...

Keith,

What are your thoughts on DC housing now? Seems like I keep seeing a lot of less expensive places sell and the more expensive places just sit on the market.