Thursday, March 11, 2010

MRIS February 2010 Sales Report: Preliminary data

Yesterday MRIS released February's data for sales of existing homes in the District today. It looks like the market's softening again and is back to singing that old song: "Turn up the volume, turn down the price". Prices have resumed their downward trend. Key points [YoY]:

  • Dollar volume up 28.21%
  • Average price is down 4.77%, median is down 5.56%
  • Unit sales volume [aggregate] is up 34.63%
  • Home unit sales up 27.39%; 10.5% of homes sold for more than $1MM.
  • Condo unit sales up a whopping 46% YoY; only 1 condo sold for more than $1MM.

Sales prices were 92.67% of list. At February's sales pace, there is a 9.18 month supply of condos and 7.05 month supply of homes listed for sale; both metrics indicating weakening demand.

Analysis forthcoming [I promise!].

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