In case you haven't received the memo, the housing boom in 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. Source: MRIS.
The major papers in the area (Washington Post, Washington Times, City Paper) need to inform the public about this ASAP. We now have Year over Year (YoY) price declines in Washington, DC proper.
Monday, April 10, 2006
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