2010 was yet another transition year. But there is a lot of uncertainity regarding what 2011 will bring. Many local markets around the country found that several indicators hit bottom in 2009-That is good news. Here is what I learned from this "Washington DC Real Estate Market Report Video" for December 2010.
- December sales were up +12.6%.
- Pending sales increased 12.6% from 12/09 to land at 455 for the December 2010. (Pending sales are leading indicators for future purchase activity)
- Closed were down almost 20% for the same month last year.
- Inventory was up +0.1 to 2,867 units. That is a lot of homes for home buyers to choose from.
- Closed sales increased to +1.7% to 6,562 from 6,454 a year ago.
- Median sales price increased +2.6% to $390,000 from $380,000 a year ago.
Home buyers in Washington DC area are shopping around for quality and value. Home sellers will have to provide one or both of these to improve their chances of getting their house sold quick for top dollars. According to bankrate.com,Interest rates is currently at 5.02% up 4.99% from last week. Higher interest rates are expected in 2011 as we press towards a more durable recovery.
This recovery is of course hinged upon continued labor market growth and must be met with supply side and demand side housing market improvement. EXIT lights a path ahead and the worst is most likely behind us.
To find out more about the Washington DC Real Estate Market Report,please watch this video.