Sorry for the long absence from this blog. I've been busy with a new project and it's been a huge time sink for me.
MRIS released its data for March signed sales contracts for existing home and condos in the District many days ago. Need I say it? Volume up, prices down.
Key points in March's data:
- YoY, aggregate dollar volume increased 24.94% and the number of units sold increased 35.09%. However, average sales price fell 7.51%.
- Condo dollar volume was slightly higher, up 4.83%. Home dollar volume, by comparison, was as high as a Wall Street liar's - er, "investment" banker's - bonus, up 41.48%.
- Condo sales volume increased 18.68%. Home sales volume popped upward like a CDS on a AAA-rated synthetic CDO, up 48.85%.
- Condo prices dropped like Lehman Brothers, down 11.67%, while home prices fell 4.95%.
Can you tell I just read Michael Lewis' "The Big Short"? Sophisticated investors, indeed.
At March's sales rate, there's a 7.41 months supply of condos and 4.67 months supply for houses. Which means that the market's soft for condos and hot for houses. I can attest to the latter. In my neighborhood, every house that has hit the market is under contract within a week.
Average Sales Price