Average Home Price Steadily Increases For 16th Consecutive Month in Metro Washington, D.C. Residential Real Estate Market

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Evers & Co. Real Estate Says Dollar Volume of Sales Continues to Rise as Buyers and Sellers Compete in Improving Fall Market

As average home prices increase for the 16th consecutive month in August 2011, the Washington, D.C. residential real estate market continues to show signs of improvement according to the Evers & Co. Real Estate.

“The dollar volume of sales was up for the second month at 6.6 percent* and has been increasing since May,” says Evers & Co. President and Broker, Donna Evers. “With the continuing increase in average home prices and dollar volume of sales, there are positive signs of a steadily improving marketplace.”

During a time when supply is limited and demand is strong, well-located properties that are priced correctly and show well, continue to receive multiple bids.
Also, with record low interest rates and a variety of mortgages available, all buyers should capitalize on the current lending options. For high-end homebuyers, they should take advantage of conforming loan limits immediately. There are just a few more weeks before the temporary conforming loan limits expire on September 30, 2011. These limits range up to $729,750.

Evers adds, “Fortunately, loans up to $417,000 are running in the four percent range, which makes purchases for first time buyers very affordable. Even though the FNMA limit has dropped to $625,500, banks are offering high-end buyers many more choices, including combination first and second trust loans as well as first trust loans up to $2,000,000. With record low interest rates and a variety of mortgages available, the fall market should to be good, with a continuing increase in price and dollar volume of sales.”

  • Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County in 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.                                                            

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Rebecca Noel