Since we're in the mood of condo today, might as well take a quick look at condo sales in Washington DC. This is quite interesting. Just by looking at the numbers, DC condo market still struggling, maybe because prices still up. The average condo sales is up from $411,663 a year ago to $433,421. The median price is flat at $360,000. The same from last year.
What's good about condos on the market in DC is this: Inventory drops -3.9 percent from 1,530 to 1.471 units. Other than that, market kinda slow.
On the sales side. The number of condos sold last month declined -20.1% from 259 to 207 units. Year-to-date sales volume dips -23.1% from 1,053 to 810 units. Furthermore, about 79 percent of all condo sold in DC in May are condominium under $500,000!
Break it down into price range, looks like the million dollar (luxury) condos are the winner in this market conditions. Those condos over $1.25M showed some sales improvement. From the range of $1.25M to $1.49M, sales up are 150% and over $1.5M condo - sales are up 140%. While condos between $150k to $800k are all saw sales in the red. What an interesting trend. This is pretty amazing..
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Who are those million dollar buyers? Obama people?
So, apparently low interest rates and robust buying season (like what Delta Associates condo report showed) don't help DC condoscape that much..
data: MRIS
