Pamela's Punch - The Daily Adventures of Pamela Sorensen

Jul 30

Summer Real Estate Update

Post by Jason Mandel, Principal, District Luxury, the Jason Mandel Group at Coldwell Banker Residential Brokerage (a Punch Partner)

Hard to believe it’s nearly August isn’t it? Time passes so much faster once the pool season begins. Always in the summer months, I’m frequently asked about the condition of our local real estate market.

I wanted to share with your readers how fortunate we are, as Washingtonians (and Suburban Washingtonians), to be living in the best and most robust real estate market in the United States. While several metropolitan areas throughout the country are still suffering and coping with the effects of continuously declining property values & sales prices, most of our home prices are UP.

Now, more than ever, our market conditions are very highly localized. Some of our sub-markets are fairing far better than others, and it’s not just narrowed to comparing cities & counties. The difference of one block or neighborhood can make all the difference in terms of statistics.

As a whole, the news is good. The Washington Business Journal reported yesterday that Mid-Atlantic home SALES are up more than 60% from the first quarter, and up more than 15% from this time last year. The Washington Post reported yesterday that Washington area home PRICES are UP 11.3% from the first quarter, 4.2% higher than last year at this time. The close-in area values (DC, Arlington & Alexandria) are up 2.4% from this point last year.

Interest rates are now at the lowest point in the history of history, and many of my buyers are taking advantage of this amazing opportunity, and my sellers are benefiting with lower days-on-market. If any of your readers are interested in selling (or buying) a place around DC, I’d be delighted to meet with them, all of your readers can consider me at their service.