The DC Market Is On Its Way Back

You could be one who thinks that the DC Real Estate market has hit the bottom or one who thinks that it is still falling but what I think is that the proof is in the pudding, or in this case the MLS data.

According to the Multiple Listing Service for the period of 10/12/09-10/22/09 versus 10/12/08-10/22/08 there has been a significant increase in the number of contracts being written on properties under $1M as well as over $1M. As much as 110% in Maryland for properties listed under $1M!!!

2008
Number of contracts written on properties listed for Under $1M:
DC - 118
VA - 438
MD - 193

2009
Number of contracts written on properties listed for Under $1M:
DC - 220 (up 86%)
VA - 592 (up 35%)
MD - 406 (up 110%)

2008
Number of contracts written on properties listed for Over $1M:
DC - 4
VA - 15
MD - 12

2009
Number of contracts written on properties listed for Over $1M:
DC - 14 (up 250%)
VA - 24 (up 60%)
MD - 14 (up 16%)

What does this tell you? It should tell you that the market is adjusting accordingly and starting to stabilize. Buyers are qualified and pre-approved and are buying homes in the Washington DC Area. If you are thinking of selling or are in the market to buy it is important to prepare yourself for this NEW market.