DC area real estate is still going strong (or even stronger, depending on exactly where you are), as in reflected in our wrap-up of the March 2012 trends:
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
(Also: Chevy Chase market statistics 2011 versus 2010: fewer houses for more money.)
© 2012, Catarina Bannier