Tuesday, January 19, 2010

DC Home and Condo Prices: The iPhone App

I'm pleased to announce that this blog is now an iPhone app! For those of you who don't have an iPhone, either buy one - this blog more than justifies the price! - or keep on walking. The app provides access to my blog postings and to tweets I send using my Twitter account, dchousingprices.

The app, "DC Prices", can be downloaded from the App store on your iPhone or from iTunes [link to app on iTunes]. And it's free!

For those who may want to create their own iPhone app, you may be interested to know I used a local company to create mine. Appmakr, officed in SE DC, has implemented a transformative process for app development that significantly lowers the barrier to entry into the iPhone app market. They've lowered the cost to create an app, taking it from the thousands of dollars to the hundreds of dollars [within certain parameters, of course]. Unfortunately, as I've recently discovered, all their good work in making it easier for folks to build iPhone apps can easily be throttled by the vagaries of Apple's gatekeepers to the iPhone App Store.

Below are images of the splash screen and the blog feed taken from my iPhone.

Friday, January 15, 2010

MRIS 2009 Full Year Report

MRIS has not yet released its full year summary report for signed sales contracts for existing home and condos in the District during 2009. However, I have all the data so there's nothing stopping me!

In many ways, 2009 was a good year for residential real estate sales in the District. Generally, more units sold and the total value of homes sold increased in 2009, but prices fell. Key points are in the table below.

Highlights for the year YoY:

  • More homes and condos were sold. Sales volume grew 10.23% for condos and 22,63% for homes. All categories of homes experienced respectable sales growth in 2009.
  • Condo dollar volume increased 10.62%, but home dollar volume was essentially flat, up a mere 1.78%.
  • Although more units sold and the dollar volume grew, average prices were unchanged or negative. Condo prices tread water in 2009, up 0.35%. Home prices took a hit, down 17.01%. Every home category saw double digit price declines.

It's important to note that December 2009's prices were higher when compared to January 2009. In other words, the average price for a condo in December was 9.18% higher than January's average price. Similarly, the December home price was 1.03% higher and, overall, the average price in the District grew 3.36% January to December.

Looking at the graphs below, you'll observe that the number of condos and homes sold peaked in July - each subsequent month had lower sales volume except for spikes in October (homes) and November (condos).

Detailed Data

Monthly Price Movement

Monthly Dollar Volume

Monthly Sales Volume

Monthly Price Change (YoY)

Average Sales Price

Dollar Volume

Transaction Volume

Tuesday, January 12, 2010

MRIS December 2009 Housing Report

MRIS released its data for December signed sales contracts for existing home and condos in the District today. Unlike the past few months, sales and dollar volume and prices are higher than the same period last year. While the YoY numbers look good, they aren't so spectacular when viewed within the context of the all sales in 2009 [more in my next post].

Key points in December's data:

  • YoY, December was a good month across the board. Aggregate dollar volume surged 41.65%, the number of units sold increased 23.63%, and average sales price was up 14.58%.
  • Condo dollar volume increased a respectable 37.04%. Home dollar volume was 44.29% higher.
  • Condo sales volume was up 8.33%; not robust, but decent. Home sales volume popped tall, up 36.56%.
  • For the first time in months, prices did not fall. Average prices rose 14.58%. Condo prices were up 26.5%, while home prices were similarly higher, up 5.66%.

At December's sales rate, there's a 5.76 months supply of condos and 4.96 months supply for houses. Both metrics are indicative of a tight housing supply. However, the condo supply grew 29.69% from November while that for homes fell 3.65%.

I've compiled full year sales information using MRIS data and will report that in my next post.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

Monday, January 11, 2010

MRIS December 2009 Sales Report: Preliminary data

MRIS released December's data for sales of existing homes in the District today. It would appear prices have turned around. Key points [YoY]:

  • Dollar volume up 41.65%
  • Average price is up 14.58%, median is up 13.36%
  • Unit sales volume [aggregate] is up 23.63%
  • Home unit sales up 36.56%; 11.6% of homes sold for more than $1MM.
  • Condo unit sales up 8.3%; about 4% of condos sold for more than $1MM.

Sales prices were 92.67% of list. At December's sales pace, there is a 5.76 month supply of condos and 4.96 month supply of homes listed for sale.

Analysis forthcoming.