Monday, April 10, 2006

Housing News From DC

This one comes in from David at BubbleMeter:

In DC Proper Median and Average Price Decline Year Over Year

In case you haven't received the memo, the housing boom in the Washington, DC is over. The housing bubble is popping as inventory explodes, sales drop, speculation wanes and prices fall. All these numbers include condo units.

In Washington, DC for the month of March 2006 the median sales price was $397,000 which represents a decline of .75% from March 2005 when the median sales price was 400,000.

The average sales price also fall, in March 2005 it stood at $490,024 which represents a decline of 5.13% from March 2005 when the average sales price was $516,515.

Additionally, the number of housing units sold in DC for the month of March 2006 was 651 which represents a decline of 20.32% from March 2005 when 817 housing units sold.

We have the best chance of seeing YOY declines in Northern NJ in Q3 of 2006, although I believe there to be a chance we'll see YOY declines in Q2. It all hinges on how the remainder of the spring season play out.

Caveat Emptor!
Grim

6 Comments:

Blogger chicagofinance said...

We need a market dislocation that causes an earnings miss at one of the bulge bracket firms.

Someone needs to make a bad bet - where is Nick Leeson when you need him?

4/10/2006 11:45:00 AM  
Blogger grim said...

I'm thinking I need to turn the word verification back on..

4/10/2006 08:40:00 PM  
Blogger chicagofinance said...

I thought it was malfunctioning.

4/10/2006 09:36:00 PM  
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4/15/2006 01:48:00 PM  
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