Accelerating Recovery in Metro Area Washington, D.C. Residential Real Estate Market

With consumer confidence up in the Metro area and across the nation, recovery in the Washington, D.C. area residential real estate market is accelerating.

“The average price in the close-in Metro area rose for the 10th consecutive month over last year. It is also a great sign that dollar volume of sales is up again for the third month in a row.” cites president of one local real estate company.

Dollar volume of sales had previously been in decline after the end of the First Time Homebuyers Tax Credit last fall.

Low interest rates are also helping bolster the market. Contrary to expectations, interest rates are still at an historic low. The bond market is doing well, with the U. S. being a safe haven for investors, compared to the turmoil in the rest of the world, from the economic problems in Europe to political upheaval in the Middle East, to the disastrous earthquake in Japan.

As for the spring selling season, many remain quite optimistic.

With continued low rates and improving consumer confidence, there is every indication that March will be an even stronger month for sales in the Metro area than February.

*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.

M. Germaine Parra
Realtor, Feng Shui Consultant
Licensed in DC, MD and VA
Long and Foster Realtors
6862 Elm Street Office, McLean, VA  22101
Fax:   703-873-1901
Cell:  703.650.8838

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