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.
Average Sales Price