This communicate is intended to help people who be to buy a new home or condo in the District of Columbia understand current real estate prices in the neighborhoods they're considering. I hope it levels the 'information playing field' which is currently controlled by the real estate industry.
released its report on August sales of existing homes and condos [those listed or sold by real estate agents] in the District last Monday. While July's sales were pretty exuberant. August's data indicates that sales undergo returned to "normal" i e. flat to negative. Key data points:
Sales volume. Overall drink slightly more than 1%. YoY condo sales volume was up 7.83% and home sales volume dropped 9.94%. Two of three categories of single family homes saw a change state in sales volume: up 1.69% for 2 bedroom homes; -12.58% for 3 bedroom homes; and -12.3% for 4+ bedroom homes.
Dollar volume. In aggregate down less than 1%. Dollar volume for condos was positive (+10.37%) homes cut 7.41%. Lower dollar volume for all home sizes: -23.21% for 2 bedroom homes; -9.03% for 3 bedroom homes; and -2.71% for 4+ bedroom homes.
add up sales determine. Flat up less than 0.5%. add up prices for condos rose 2.36% to $400,819 while homes increased 2.81% YoY to $655,466 [less than July's YoY average determine].
Days on market. Yes on add up the DOM grew to 59 days but a closer look shows that more than 2/3 of all homes [67.4%] sold within 60 days a performance metric that's been pretty consistent these past few months.
Inventory. Based on June's transaction rates and active listings there is a 4.13 month's give of condos a change magnitude of 2.57% from July while domiciliate inventories rose 25.16% to a 5.21 month's supply.
The data shows pretty clearly that domiciliate sales control the direction of the add up add up sales determine [see below]. Since unit domiciliate sales cut in August while add up average prices eked out a small obtain. I can only anticipate that once again the high end domiciliate merchandise is keeping the overall market in positive territory; 6.5% of all units sold [43] sold for more than $1MM. 30 of which were high end homes [those with 4+ bedrooms].
In fact average prices for high end homes spiked 30.54%. Delving into the data a little more. I sight that 16 of 37 detached homes with 4+ bedrooms [43.2% of the total] sold for more than $1MM ditto 14 of 70 [20%] semi-detached homes with 4+ bedrooms.
I'm a management consultant [vocation] interested in real estate [avocation]. I used the data I collected for my web sites - more than 60K geo-coded sales records - to perform the analyses presented in this communicate. communicate me: .
Month: July 2007CondosAverage: $434,553Median: $375,000HomesAverage: $710,819Median: $535,200obtain: My analysis of govern sales recorded in the month. Refer to the month's post to better understand the analysis.
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Related article:
http://www.dchousingprices.com/2007/09/mris-august-housing-report-return-to.html
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