Monday, January 31, 2011

The January 2011 Evers & Co. Real Estate Report

The January market is off to an uneven start with many more buyers out looking, and fewer desirable properties for them to look at. While the flow of new listings was probably delayed by bad weather, the numbers are still looking good. The average price in the close-in Metro area was up 5% over last January and that’s an increase for the 14th consecutive month. The dollar volume of solds was up for the 2nd month in a row, with a 6.5% increase over last January. With the combination of low mortgage interest rates and increased consumer confidence, we should see a steady, strong pace of sales in 2011. *Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery Country, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
-D.Evers Broker

Wednesday, January 26, 2011

10 Cities Where Home Prices Will Rise in 2011

While home prices are expected to continue to fall in most metro areas, Clear Capital’s Home Data Index report says a few cities are already on the rebound and showing some gains in home values.
“There really is this segmentation of these markets occurring where the one-size-fits-all national level numbers to represent all numbers really isn’t valid anymore,” Alex Villacorta, senior statistician at Clear Capital, told MSNBC. “Overall we’re seeing prices start to stabilize going into 2011, but unfortunately some of those markets will stabilize in the downward direction where others will see a sustained recovery.”
Clear Capital takes into account unemployment rates, foreclosure rates, and real estate inventory in its index.
The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:
  1. Washington, D.C.: 6.5 percent price increase
  2. Houston: 3.6 percent price increase
  3. Honolulu: 3.4 percent price increase
  4. Memphis, Tenn.: 3.2 percent price increase
  5. Columbus, Ohio: 2.1 percent price increase
  6. Dallas: 1.4 percent price increase
  7. New York: 1.3 percent price increase
  8. Birmingham, Ala.: 0.9 percent price increase
  9. Pittsburgh: 0.8 percent price increase
  10. New Orleans: 0.5 percent price increase
Meanwhile, Clear Capital reports that real estate markets in Florida and the Western parts of the U.S.—such as cities in Arizona and “Breadbasket metros” like Oklahoma City, Okla., and Dayton, Ohio—likely will see the largest price drops in home values over the year. Virginia Beach, Va., is expected to have the highest drop in 2011, with a 12.8 percent price decrease, according to Clear Capital report.