THE INCREDIBLE BIFURCATING MARKET

Condo prices in DC are going down, but single family house prices are going up. DC Bubble has talked about this trend before, and below are statistics from the Greater Capital Area Association of Realtors illustrate the trend.

What's happening? First off there is a strong supply of condos. Also home buyers are probably cashing out there condos and trading up to houses. Inventory for both classes is rising, suggesting prices for both types of property should begin to feel downward pressure. What's more, a disproportionate number of really expensive houses could have sold, throwing off the numbers.

CONDO/COOP

Median Prices:
Mar. 2005: $363,000,
Feb. 2006: $373,450,
Mar. 2006: $359,000, a 3.8 percent drop from last month's median and a 1.1 percent decline over year ago median.

Rising Inventory:




SINGLE-FAMILY HOUSES:

Median Prices:
Mar. 2005: $430,000,
Feb 2006: $435,050,
Mar. 2006: $462,000, a 6 percent rise over last month and a 7 percent rise over year-ago levels.