Sunday, March 14, 2010

MRIS February 2010 Housing Report

MRIS released its data for February signed sales contracts for existing home and condos in the District a few days ago. We're back to the same old routine: volume up, prices down.

Key points in February's data:

  • YoY, aggregate dollar volume increased 28.21% and the number of units sold increased 34.63%, but average sales price fell 4.77%.
  • Condo dollar volume increased a healthy 23.38%. Home dollar volume was 30.92% higher.
  • Condo sales volume was up 46%. Home sales volume popped up 27.39%. In other words, home sales have returned to February 2008 levels while condo sales are about half that of the same month.
  • Condo prices dropped 15.49%, while home prices were up 2.77%.

At February's sales rate, there's a 9.25 months supply of condos and 7.05 months supply for houses. While that's a slight uptick for condos [+0.28%] and a tiny decline for homes [-0.6%] when compared to January, that's 60% and 42% higher than December's inventory, which isn't encouraging.

Detailed Data

Average Sales Price

Dollar Volume

Transaction Volume

2 comments:

Anonymous said...

An interesting story on renting in the DC area, tune in tonight on your local NBC News4 at 5.

RENTING
Looking for a place to lease in the Washington area? Prepare to pay. How does DC rank among other metropolitan areas? More on this tonight on News4 at 5.

Anonymous said...

If we are getting to a bottom higher sales volumes mean we are getting there. Still don't know who buys some of these $1MM condos I see marketed.