Given that the price decreases have become progressively smaller in the District and Montgomery County over the past few months, that indicates we'll likely see the average price increase in June or July.
Washington, DC (PRWEB) June 13, 2010
Washington, D.C. (PRWEB) June 11, 2010 -- In her May 2010 housing market report for the Washington, D.C. Metro area, Evers & Co. Real Estate President and Broker Donna Evers found prices in the District and Montgomery County, Md. to be leveling off and approaching a positive increase over the same month last year.
"For the region, the average price in May increased 2.3 percent, with Fairfax County showing an increase of 6.4 percent and the District and Montgomery County posting slight decreases of .4 percent and .25 percent, respectively, in comparison to May of 2009," said Evers. "Given that the price decreases have become progressively smaller in the District and Montgomery County over the past few months, that indicates we'll likely see the average price increase in June or July."
In the close-in Metro area, Fairfax County posted large price gains all spring, likely due to buyers scrambling to qualify for the First-Time $8,000 Homebuyer's Tax Credit, but as the first jurisdiction to recover from the housing market slump, Evers believes these gains in price will level off and be in line with the rest of the area as we move through summer and fall.
"The May numbers aren't as dramatically strong as the April data, when everyone was racing to the finish line to take advantage of the tax credit, which expired April 30," Evers noted. "However, we still saw the dollar volume of sales for the Metro area increase 25 percent in May, and housing inventory levels improve to an average of 4.7 months supply after a shockingly low supply of product was reported in April."
As Congress hashes out legislation to better protect homebuyers and ensure smart lending, Evers sees financial institutions already taking the necessary precautions to avoid another housing market meltdown.
"The industry seems to be self correcting because the banks are already cleaning up their own act to steer clear of another influx of excessive foreclosures and short sales," Evers said. "In my experience, much of what lawmakers plan to enact to protect the housing market is already taking place, so complying shouldn't be difficult for banks."
*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.