Evers & Co. Reports Washington, D.C. Area Real Estate Prices Exceed Pre-Recession Price Peak

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April 2015's Average Sold Price Increases by 7 Percent since 2006 Peak; Shortage in Inventory Creates Highly Competitive Market

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We’ve seen a very active market and persistent growth over the past year – especially in the District. It’s not uncommon for a home downtown to receive multiple offers when it’s priced correctly.

The close-in Washington Metro area saw a 7 percent increase since the peak of the price market in 2006. While this April showed a 10 percent increase in dollar volume of sales over last year at this time, the big influence on today’s market is the fact that dollar volume of sales is down 38 percent from the peak of the market. This accounts for the big shortage in inventory, creating a highly competitive market where buyers have to pay above the asking prices and remove contingencies from their offers in order to “win” in multiple contract bidding wars.

Each month, Donna Evers, president and broker of Evers & Co., reviews the residential real estate statistics provided by the Metropolitan Regional Information System (MRIS).

“Limited product, competition and the popularity of downtown all drive prices up and we can expect more of the same throughout the summer months,” said Donna Evers. “We’ve seen a very active market and persistent growth over the past year – especially in the District. It’s not uncommon for a home downtown to receive multiple offers when it’s priced correctly.”

In addition to higher prices, home buyers in the region are experiencing a more competitive market. Homes regularly receive multiple contract offers. One Evers & Co. property in Northwest D.C. received 15 purchase offers after only a short while on the market. Many interested buyers are forgoing home inspections as part of their offers, noting a distinct change from a buyer’s market to a seller’s market.

Evers & Co., http://www.eversco.com, remains the largest independent, woman-owned and -operated real estate company in the metropolitan area, with 110 passionate and dedicated agents and four offices— two in the District, one in Bethesda/Chevy Chase and one in Virginia. Evers & Co. also has an international membership with Leverage Global Partners.

For more information about local metropolitan Washington, D.C. neighborhoods, please go to http://www.eversco.com or call 202-364-1700 for a knowledgeable real estate agent to help guide you through the selling or buying process. For updates on Washington, D.C. real estate, connect with Evers & Co. on Twitter and Facebook.

*Statistics are compared from the previous year and taken from the Metropolitan Regional Information System for the three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Northern Virginia.

About Evers & Co.
Founded in 1985 by Donna Evers, Evers & Co. Real Estate, Inc. 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 more than 100 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. For more information about Evers & Co. Real Estate, visit http://www.eversco.com.

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Melissa DiMercurio
Evers & Co.
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