Washington, D.C. (PRWEB) May 20, 2010
In her monthly housing market report for April 2010 for the Washington, D.C. Metro area, Evers & Co. Real Estate President Donna Evers found housing inventory to be at its lowest point since 2005, at three months' supply for the DC-Metro area.
"We're now at shortage levels for housing supply," said Evers. "However, interest rates are also at the lowest point they have been in seven years. So, despite the fact that the First Time Homebuyers Tax Credit expired on April 30th, the combination of low interest rates and low inventories should keep the spring market moving into the summer months."
Dollar volume of sales for the close-in Metro area soared 40 percent over April 2009, showing strong sales throughout the region, and Evers expects them to continue. While the average price increased 12 percent in Fairfax County, prices decreased four percent in the District and about one percent in Montgomery County in comparison to April of last year.
"Because Fairfax County was the first jurisdiction to see the recession, they are also the first to bounce back from it," Evers noted. "The District and Montgomery County are following behind - first with the increase in sales volume we've seen since last June, and second, we'll see an increase in prices in the coming months."
Evers also noted that some professionals predicted extra foreclosures and the so-called "short sales" to flood the market, but these expectations have not come to fruition given the low inventory levels.
*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.