The Evers & Co. October 2013 Real Estate Report

bigstock-Warm-afternoon-light-at-the-fa-19280741The market this fall continues to be strong, and at the end of 10 months, the dollar volume of sales was as high as it was for all of 2012. With that said, sales volume is still only at 60% of what it was the peak of the market in 2005. Despite predictions to the contrary, the recent government furlough didn’t have a significant effect on the area marketplace, probably because it didn’t last very long.

The good news for sellers is that the continuing shortage has pushed prices up and they are now within 96% of what they were at the peak of the market. The combination of buyer enthusiasm and shortage of product may encourage more sellers to enter the market and eventually help to end the shortage of product which has been a dominant feature in the market for the past three years. However, the present balance of more buyers than sellers in the close-in Metro area marketplace will certainly continue through the winter and into the spring.

*Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Northern Virginia.