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!].