In her September 2010 housing market update, Evers & Co. Real Estate President Donna Evers reports for the close-in Washington, D.C. region a 9.1 percent increase in average price in comparison to the same month last year.
“The D.C. area appears to be one of the bright spots for home sellers across the country in terms of price, with September marking the 10th month in a row with an increase in average price,” Evers noted. “The dollar volume of sales, however, is down for the third consecutive month, indicating that we’re still suffering a letdown from the spring market that was inflated by the First Time Homebuyers Tax Credit.”
The months’ supply of inventory is up to 5.1 months, marking the highest inventory of 2010.
“While rising prices are a positive reaction to the big spring market, if inventory continues to grow, prices could also retreat,” said Evers. “On the other hand, with our strong local economy, record low mortgage interest rates and, most recently, an improving stock market, we should see a boost in consumer confidence, which could lead to stronger sales, lower inventory and continued price gains–a scenario which should develop, if not this fall, then certainly in early spring.”
*Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery Country, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
About Evers & Co.
Founded in 1985 by Donna Evers, Evers & Co. Real Estate maintains its success through a strong referral base and agents who enjoy a premier reputation for their expertise and in-depth knowledge of Washington Metro Area homes and neighborhoods. Evers & Co. is home to 80 licensed real estate professionals with decades of combined experience, who enjoy access to a first-of-its-kind Agent Resource Center. The agency is the largest woman-owned and-operated residential real estate firm in the area and a member of Unique Homes Affiliate Network, Who’s Who in Luxury Real Estate and FIABCI, the largest international real estate organization in the world. In addition, the agency has an alliance with My Home In Paris, a residential real estate firm in Paris, France.
Filed under: Real Estate