Wednesday, August 11, 2010

MRIS July 2010 Sales Report: Preliminary data

MRIS released July's data for sales of existing homes in the District yesterday. On the surface, prices appear to have risen significantly. Key points [YoY]:
  • Dollar volume was down 7.02%
  • Average price was up 13.9%, median increased 11.4%.
  • Unit sales volume [aggregate] was down 18.36%.
  • Home unit sales fell 8.52%; 50 homes sold for more than $1MM!
  • Condo unit sales were down a whopping 29.4% YoY although prices rose 16.26%; 9 sold for more than $1MM.
Sales prices were 94.46% of list. There is a 7.02 month supply of condos and 5.17 month supply of homes listed for sale.

I don't pay attention to the days on market metric since it can be gamed by listing agents. The significant data to me is:
  • The condo inventory doubled since June [as measured by units listed divided by the number sold in the month].
  • Unit sales are down.
  • Dollar volume is down.
I think that since so many properties sold for more than $1MM [59 out of 529], the average price metric is almost meaningless as serving as an indicator of the market's future performance.

Analysis forthcoming.

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