Clear Recovery In The DC Area Housing Market*
The Evers & Co. July 2012 Real Estate Report
The housing market throughout the country is in recovery, with the close-in Washington Metro area marketplace leading the most successful metropolitan markets with a 7.4% increase in dollar volume of sales over last July and a 20% decrease in days on the market.
While prices didn’t go up much in July, they had risen in the greater Metro area this spring to within 80% of the peak bubble prices. There is a continuing shortage of product, since very few new homes were built over the past six years and some sellers are still keeping their homes off the market, waiting for prices to get closer to what they were in 2005. This is creating situations with multiple bids on popular properties. With limited product, an expanding local labor market, high prices on rentals and record low interest rates, we can expect that this Washington area marketplace will only continue to improve.
*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 Virginia.
The Evers & Co. April 2012 Real Estate Report
The brisk spring market heated up in April in the close-in Metro area. The dollar volume of sales increased 13% over the previous year, and the average price went up 5% over April 2011. The area showing the biggest increase was Arlington with a huge 38% increase in dollar volume of sales and an 18% increase in price over the previous year.
Of the hot real estate market areas, Arlington offers many walkable neighborhoods with good Metro access, at slightly (for now) lower prices than NW Washington and lower Montgomery County. It also has many neighborhoods with smaller houses that serve as perfect first time homes for young people moving up from their first condo or rental apartment.
Numbers show most of the greater Metro-area marketplace doing better than last year, and with the existing strong momentum, this should continue into summer.
*Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery County, Maryland; and Fairfax County, Arlington, and Alexandria in Virginia.
The Evers & Co. March 2012 Real Estate Report
In the close-in Metro area, the spring real estate market started in March. While there was almost no change in either the dollar volume of sales or the average price from March of last year, there was a dramatic change in both numbers in just one month, between February and March of this year. The area averaged an impressive 43.6% increase in dollar volume of sales and a 8.6% change in average price, with Montgomery County leading the way with a 61% rise in dollar volume of sales and an 11.5% increase in average price.
The Metro area marketplace has been steadily advancing in recovery from the bottom of the market in late 2008 and early 2009, and since there has been little or no construction and sellers have been reluctant to enter the market, there is a shortage in properties that show well and are well-priced, contributing to the growing frequency of multiple bids on both condos and houses, especially in the $300,000-$1,000,000 range. This shortage will probably continue through the spring and summer which, in turn, could drive prices higher at a faster rate.
* Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery County, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia
Chevy Chase market statistics 2011 versus 2010: fewer houses for more money.
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The Evers & Co. February 2012 Real Estate Report
February showed a marked improvement in the close-in Metro area, compared to January, when the numbers were almost the same as the previous year. The dollar volume of sales was up 9% from last February, average price was up 4.3% and days-on-the- market (DOM) was down 3.3%. Once again, the big leader in our area was the District, with a huge 21% increase in dollar volume of sales, an 8% increase in average price and a noticeable 20 day decrease in DOM.
The attraction for first-time home buyers and empty-nesters of living in “walkable” neighborhoods contributes to the success of the District. Added to that is the fact that Washington has many neighborhoods of comfortable homes and condominiums on attractive tree-lined streets, near Metro stops and just minutes from the heart of downtown, which is unusual for most big cities in the US.
*Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, DC; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.