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Prices Down, Volume Up: A Snapshot of the DC Market in October
Not to be confused with the widely reported National Association of Realtors housing data that was released this morning, DC home sales guru Keith Gibbons has done a quick roundup of the just-released MRIS sales data for the DC area. Keith will no doubt be putting together a comprehensive report of this data on his site dchousingprices.com, but these tidbits give you a pretty good idea of what is going on in the market.
- The average sales price for a home on the market in the District is down 16.76% over a year ago. In October 2009, the average sold price was $465,180; in October 2008 it was $558,816.
- Sales volume is up…a lot – Unit sales volume is up almost 41% in DC since last October; Condo unit sales are up 33.8% and home sales are up 45.9%.
- Perhaps the most interesting data from the latest report is that the inventory of condos increased slightly from September to about a six-month supply and the inventory of available homes actually decreased slightly to 5.27 months. From what we have been hearing, there is supposed to be a condo shortage coming, not a single-family home shortage. Perhaps both are on the way.
This article originally published at https://dc.urbanturf.com/articles/blog/prices_down_volume_up_a_snapshot_of_the_dc_market_in_october/1501.
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