A look into the home sales stats released by GCAAR, show that DC home sales faced the same housing hurdles like Northern Virginia of high inventories, the number of homes sold declined though, price inched up a bit. Report on February Northern Virginia sales, here.
Washington DC: All types of homes (single home, townhouses and condos), data via MRIS.
The total number of single homes including townhouses sold in the District in February '08 dip 22.6% from 226 homes to 175 homes. On a year-to-date basis, this number declined 28.6% from a total of 479 homes sold same period last year to 342 homes. The average sold price declined a little bit from $687,459 to $668,487.
The market added new listings at a rate faster than it could sell. The total number of listings came on the market increased 38.8% from a low 394 homes to 547 homes. For illustration purposes, using last month's numbers of homes under contracts, it would take 6.7 months to deplete the supply of homes provided - that there won't be new listings coming on to the market this coming month. Of course, that would not happen.
From the condo front, we got the same picture. The total number of condo sold last month declined 37.2% from 277 units to 174 units. Average sold and median price shows different trend - sold price declined from $405,271 to $394,803 - while the median price increased from $350,000 to $362,250. That means, 50% of condos sold above the price while the other 50% below the average median. More higher priced condos were sold this time of the year than last year. February listings picked up 17.2% from 430 units to 504 units which made the total actives on the market year-to-date to 1,368 units.
Not counting new condos, using the same assumption as single home (assuming no new condos coming on the line), it would make home supply in DC stands at 5.4 months.
The numbers speak (chart above) that for the past few months in DC and Virginia, foreclosed homes sold faster than the conventional (resale) non-distressed properties homes.
Note-2: Somehow stats from MRIS and GCAAR differs. Take it for what its worth.