Washington, D.C. (PRWEB) September 5, 2009
In her monthly Washington, DC, housing market update, Donna Evers, president and broker of the largest woman-owned and- operated residential real estate firm in the Washington Metro area, found positive news in the July numbers for the close-in DC housing market for the second month in a row.
In her report, Evers & Co. Real Estate (http://www.eversco.com) President Donna Evers highlighted that July was the second month in 2009 that the dollar volume of sales was better than the same period in 2008, signaling a trend. June 2009 was 4 percent higher than June 2008, while July 2009 was 8 percent higher than the same month last year. As for inventory, the area has a mere 4.9 month's supply so far this year compared to 7.2 month's supply for all of 2008.
Another notable trend involves price. The average price for all of 2008 only went down 4 percent, but the average price so far this year has declined 14 percent. This part of the puzzle may not seem to fit, but prices tend to only come down well after there is reduction in sales volume. Of the three Greater Washington, DC metro areas reviewed, Fairfax County, which has had the greatest price reductions in recent years, is now showing the lowest month's supply and less decline in prices than the other areas. The District shows the sharpest price reductions and has the highest inventory, and Montgomery County is in the middle.
"If the economy continues to improve, we should see all three areas picking up in sales, "said Donna Evers, president and broker of Evers & Co. Real Estate. "Fairfax County may be the first to show a gain in prices from the previous year, and it looks like the District of Columbia and Montgomery County may still have to go through further price reductions. All the areas continue to show an oversupply of product in upper brackets properties, with the cheapest homes and condos selling the fastest."
- 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, Evers & Co. Real Estate has enjoyed an outstanding reputation and ranks among the top companies in the Washington Metro area for the highest sales volume per agent and the highest average home sale price. In addition, Donna Evers, founder, president and broker, began what has now become the area's largest woman-owned-and-run residential real estate firm. Evers & Co. maintains its success through a strong referral rate and agents who consistently win sales awards. For more information, visit http://www.eversco.com.