DC October Home Sales Up 40.58%. Ave. Home Price off 16.76%

According to MRIS data, Washington DC October '09 home sales inched up to almost 41%. Sales up because prices are down in single home and townhouse/ rowhouse market. The total number of homes sold up from 414 units to 582 units while the average sales dips -16.76% from $398,450 to $380,000. The median price (50/50 up or down prices) off -3.66%, down from $394,450 a year ago to $380,000.

This is where the segment of the residential market got hit the hardest: single family home (that includes rowhouse). Average home sales off -34.84% from $1,020,059 to $664,710. Ouch! The townhouse/ rowhouse segment, also see the average sales price down -14.35% from $545,562 to $467,279.

On a month to month trend from '08 to '09, the number of homes under contracts is the highest over a year span. The number of homes went under contract is a little bit above the 450 units mark. The trend is encouraging, but looking at the data (listings and under contracts), DC still have more than a year of homes supply. Home inventory for single home and rowhouse stands at a bit over 14 months! A *strong* buyers' market. Motivated sellers are willing to talk to you.

 
image: GCAAR

Condo sales last month is better than in '08. October sales up 25.9% from 189 units to 238 units with average sales around $412,983. The median price (usually use in comparison) is at $355,000 down from $360,000. The number of active listings also decline -18% from 1,459 units to 1,197 units. Condo inventory shows that it is still a buyers' market. It stands at 6.52 months.

Seventy-eight percent of condo sales is under $499,999! First-time home buyers? This trend corresponds to the type of financing use to purchase homes. One-third of purchases were financed with either FHA or VA loans.

Here's the breakdown:

Conventional     268

FHA                  173

VA                     12

Assumption        32

Cash                  85

On all types (single home, rowhouse, townhouse, condo, co-op), we are seeing a trend that inventory is down. Maybe sellers are decided to stay put. They are not selling their homes at this market, unless they're forced to make some life changing decision..