September DC Housing Report: More is Selling, For Less

by Mark Wellborn

The message in Keith Gibbons’ latest analysis of September housing prices is short, and seemingly sweet: sales volume is up and prices are down in the District when compared to a year ago. But as Gibbons’ notes, the market is still struggling to bounce back from the economic crisis that hit last September, so that headline is bittersweet. Below are two of his comprehensive charts that look at average sales prices and transaction volume in September followed by few highlights that we gleaned from the data.

  • The average sales price for condos in the District dropped $41,000 from a year ago. For single-family homes, that drop was even more drastic (approx. $80,000).
  • The number of condos that sold in September 2009 increased almost 40 percent over September 2008. The increase for single-family homes (28%) was not as significant, but still noteworthy.
  • In both September 2008 and 2009, three-bedroom homes were the most popular property type sold in DC. When we asked a local agent what the reason was for this trend, she attributed it to the number of people that were likely choosing a favorable buyer’s market to upgrade from one and two-bedroom units.

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This article originally published at http://dc.urbanturf.com/articles/blog/september_dc_housing_report_more_is_selling_for_less/1429

1 Comment

  1. B said at 10:22 am on Wednesday October 21, 2009:

    Interesting.  My unscientific theory is that transaction volume is up due to improving economic outlook combined with federal homebuyer credit.  The price may also reflect many first time buyers entering the market, which tends to skew lower on price than buyers trading up.  it seems like higher priced homes in established neighborhoods are sitting longer than lower priced homes in emerging neighborhoods.

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