The end-of-year numbers were impressive and showed a dramatic improvement in the close-in Metro area marketplace. The average price in this area is now within 5% of what it was at the peak of the last boom year in 2005, and dollar volume of sales is within 16% of the peak of the market.
While we are experiencing a strong sellers’ market with high demand and limited inventory, buyers should know that most of the price increases take place between January and June, so it is better to make the purchase as early in the spring as possible. Although buyers can expect stiff competition because of the low inventory, they should meet with their real estate agent and lender now in order to be better prepared to make a strong offer when they find the property they want to buy. Sellers can do very well in this market if they take the time and care to make their properties look good, and price according the latest comparable area sales.
On another positive note, Evers & Co is happy to report a 27% increase in sales over 2012, reaching a stunning $535,000,000 in sales volume for 2013!
Donna Evers, owner and broker of Evers & Company Real Estate, has a bit more to say on the subject. Click here for her thoughtful update on the state of the market.
* 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.