In the close-in Metro area, May 2011
marks the 14th consecutive month of price increases over the previous year.
While “days on the market” and dollar volume of sales has fluctuated over the
past year, the average price has shown unwavering improvement, all the more
impressive since we are comparing it to last spring’s market which was inflated
by the First Time Homebuyers Tax Credit.
The Case-Schiller report, which
analyzes economic markets across the country, reported that the Greater
Washington Metro area showed the highest price improvement over any other real
estate market in the country. Urban studies theorist Richard Florida attributes
this success story to the high creativity level of D.C. area population and the
growth of hot neighborhoods, both in the city and in surrounding suburban
areas, that both produces and attracts a smart, financially successful
population. Last but not least, there is the undeniable strength of the area as
home to the Federal government, which supplies jobs and relative job security.
*Statistics are taken from the
Metropolitan Regional information System for three areas: Washington, D.C.;
Montgomery County, Maryland; and Fairfax County, Arlington, Alexandria and
Falls Church in Virginia.
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