River East Report’s “Hows the Market” Monthly February 2009 Update
Okay here go with our latest monthly report on the D.C. housing market for 2009. On the street the word is that buyer activity seems up beyond just the normal spring time market, but we are yet to see an increase in closings that shows the market stronger in our charts. Check out the Market Action Index chart below, it is staying quite stable the last 2-4 months in a definite “Buyers Market”
Washington, D.C. median prices continued to drop last month as we reached the start of the spring buying season. I expect that we will see a steady increase in housing prices in the next few months, however, since we have the First Time Buyer Tax Credit motivating a lot of buyers we are going to likely see the Median prices stay moderate as we should see an above normal number of entry level sales.
As you can see from the inventory chart below, we experienced a light reduction in houses on the market in February, we hear about a lot of new listings in the pipeline, but they are not showing up in the Washington, D.C. inventorys just yet.
We saw a slight drop in the Average Days on Market (DOM) index in February. Lets see if that continues next month.