Homes Selling Fast in Metro DC
Shortage of Homes for Sale Leading to Bidding Wars & Quick Sales
Washington, D.C. – Home sales reported in metropolitan Washington, D.C. during the month of April 2017, when compared to the prior month and year, are slowing down from two previous boom months in the local DMV jurisdictions (Washington, D.C., Montgomery and Fairfax Counties, Arlington, and Alexandria.
Per industry reporting, the month of April showed much lower numbers from March, with the average dollar volume of sales flat compared to last year at this time, the average price at only 2.9% higher than last year, but with the “days on market” down 17% from last April.
Donna Evers, president/broker and founder of Evers & Co., commented, “These numbers indicate that the properties that hit the market sell fast. It also indicates that the shortage of homes for sale in our close-in Metro marketplace is at a critically low point, as it is across the entire country.”
Evers also notes that Baby boomers who would generally be moving and supplying ‘move-up houses’ for younger buyers are largely staying in place, even as they become “empty nesters.” This causes an accordion effect of shortage of homes all the way through the marketplace.
“Interest rates have stayed low in spite of constant talk of significant rate hikes, and there is a very good array of mortgage products to satisfy the younger buyers, so they perceive this as a good time to buy. But until we have much more product in the marketplace, sales volume will not match the level of enthusiasm buyers have, and “bidding wars” will still be a fixture of our marketplace.”
Evers & Co. is led by Donna, and her firm remains the largest independent, woman-owned and-operated residential real estate company in the metropolitan D.C. area, with 100 passionate and dedicated agents and four offices — including two in the District, one in Bethesda/Chevy Chase and one in Virginia. Evers & Co. is also an international partner with Leverage Global Partnership.
For more information about local metropolitan Washington, D.C. neighborhoods, please visit www.eversco.com or call 202-364-1700 to contact a knowledgeable real estate agent to help guide you through the selling or buying process. For updates on metropolitan Washington, D.C. real estate, connect with Evers & Co. on Twitter @EversCo 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 110 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 independent, woman-owned and -operated residential real estate firm in the area and the exclusive Washington, DC and Chevy Chase, Maryland partner with Leverage Global Partners, and a member of 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.