Summer is almost over and though there has been a slight slowdown in activity the past few weeks, we expect a busy September and October. Inventory remains low, and though interest rates are up slightly, they remain very attractive. The combination pushed parts of the DC area to record high home prices, prompting Delta Associates, a real estate research firm, to announce that the market is back to full health.
A Washington Examiner article states: “Prices in the region’s core—D.C., Arlington and Alexandria—all topped highs set by the housing boom in the 2000s. Median home sales prices in the District reached $457,500 in July, beating the previous high of $450,000 in November 2005. Arlington prices soared to $550,000 last month, beating the median $525,000 set six years earlier, and Alexandria surpassed its former high when prices reached $500,000 this May.”
Wow. And it’s not just here in DC. BoA Merrill Lynch revised its predictions of home price increases for this year and next to 2%, up from 0.3%. While 2% may not seem like a lot, it does represent a significant increase over current forecasts.
It continues to be a great time to be a landlord, with rents continuing to rise, but that may change with thousands of new units due to come online. As always, location matters.
We have scheduled another free first-time home buyer class at Arlington Central Library for Tuesday, September 11 at 7:00 pm. Register at http://register.wethmangroup.com. This may be our last class for the year, so don’t miss it!
If you or someone you know is looking to move, please contact us. And if you’re thinking of selling, contact us and we’ll be happy to provide you with a free market analysis of your home and review of statistics in your local neighborhood.