Washington, D.C. (PRWEB) March 22, 2010
In her monthly housing market report for the Washington, D.C. Metro area, Evers & Co. Real Estate President Donna Evers found that February sales were surprisingly strong despite the snow storms paralyzing the region for several days.
"The most recent data confirms the high level of pent-up demand that is fueling the spring market," said Donna Evers. "Homebuyers are eager to get off of the sidelines and take advantage of the $8,000 First-Time Home Buyer Tax Credit before it is set to expire on April 30."
The dollar volume of sales was up 13 percent in February for the close-in Metro area, led by the District with a 28 percent increase. This measure marks the ninth consecutive month that the dollar volume of sales increased over the same month the previous year, which in the last four months averaged a significant 45 percent. In February, prices were also up nearly 4 percent over last year and the supply of inventory was at 4.7 months.
"The inventory is only at this level because foreclosures and short sales are languishing on the market in outer Montgomery and Fairfax counties. In the inner ring of the DC Metro market, there is actually a shortage of homes for sale, especially for properties correctly priced between $300,000 and $800,000, which is a popular range for first time buyers looking to cash in on the federal tax credit," Evers said.
She added, "Properties in the upper-price brackets should also see more offers this spring because of loans now available up to $2 million and over. The snow storms did delay putting many properties on the market, so when repairs and other last-minute details are complete, there will be more high-end properties available."
*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 an excellent 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.