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.
Average Sales Price