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..

Comments

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I’m just wondering what will be the effect of the low price in single home and townhouse/ rowhouse market in the part of the seller or businesses. But, one thing is for sure…that the consumers will surely be benefited because of this.

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that is definately great news. great post ill keep your blog bookmarked. thanks