This mris report was gathered from sales and contract data from Januar to March 31st of 2010. This covers all of Washington, DC. There market is…HOT!  I’m attributing this to the tax credit, which was supposed to end at the end of November but now has been extended to April 30th (settlements no later than June 30th).  Activity is up across the board but, as usual, most activity was in the price range of $300k-$600k with not much going on in the luxury bracket.  Even though average sales price is lower by 13% compared to last year, activity has jumped to nearly 8% more than October’s sales volume.  Interestingly, most properties are getting close to what their asking price is when compared to last year.  Compared to last month, more people were willing to pay more for properties.   Interest rates were still in the high 4’s or low 5’s at the most and inventory was plentiful.  Most properties didn’t stay on the market for more than 30 days which indicates that demand was up.  This is a clear sign that buyers are taking advantage of the favorable market conditions.

Clearly, Washington, DC is experiencing a robust real estate market.  On top of the great rates and well-priced properties, buyers were inspired to move forward with their plans to purchase because of the $8,000 first-time homebuyer tax credit.  It has now been extended to the end of April 2010 which will help the market keep its momentum.

Check out the report and let us know if you have any questions about your neighborhood.  We’re happy to provide you with custom neighborhood reports. In the meantime, we hope that you find this information useful.

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