Evers & Co. President Donna Evers Reports on DC-Area Residential Real Estate Indicators for March, Sees Lowest Home Inventory in Years

Washington, D.C. - In her monthly housing market report for the Washington, D.C. metro area, Evers & Co. Real Estate President Donna Evers found the average month's supply of inventory on the market to be notably low at 3.1 months for the close-in metro area*.

"In comparison to an average of 4.6 month's supply of inventory for all of 2009, the low March indicator suggests an increase in competition for homes that are appropriately priced in the D.C. area," Evers said. "The report also shows an 18.8 percent increase in dollar volume of sales over March of last year, indicating that homebuyer pent-up demand is being unleashed and will most likely continue throughout the spring and summer."

Despite average home prices being down 7.5 percent in the District and 3.1 percent in Montgomery County in comparison to March 2009, Northern Virginia saw a 10 percent increase in average price over the same month last year. The average price change for all three areas was -.5 percent for March.

"Fairfax County was hit hard with foreclosures and decreasing home prices earlier in the economic downturn and as a result, prices there are on the rise sooner than in the District and Montgomery County," Evers noted. "Since price is the last market indicator to recover after a downturn during the housing market cycle, we expect average prices in D.C. and Maryland to remain lower than the previous year for a few more months before we see increases."

Also a testament to the area's stable housing market in comparison to other major cities, the S&P Case Shiller Home Price Index ranked Washington, D.C. number one in home price strength, before Los Angeles and New York City, with home prices increasing 78 percent from January 2000.

*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.

About Evers & Co.
Founded in 1985 by Donna Evers, Evers & Co. Real Estate maintains its success through a strong referral base and agents who enjoy an excellent reputation for their expertise and in-depth knowledge of Washington Metro Area homes and neighborhoods. Evers & Co. is home to 80 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.