There is good news for the local real estate market. Sandy Paul, National Research Director at Delta Associates, reports that first quarter 2009 home sales were up 15% in the Washington Metropolitan market.
He reported that while the number of houses that sold increased, the average sold price of the homes were 22.3 % lower than the average last year.
A high percentage of buyers were in the $100,000-299,000 range and in fact sales volume doubled in this range from a year ago. This range appeals largely to the first time home buyer where, with the tax credit, low interest rates and lower housing prices, the first time home buyer can really make a good deal.
The average days on the market contracted slightly from 2008, from 117 days to 110 days. Closer in homes took even less time to sell at 96 days.
Enjoy the good news and this report from Sandy Paul.
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