River East Report’s “Hows the Market” Monthly May 2009 Update

D.C.’s housing market Median Market Action Index held up well last month, even if it did level off on a short term basis as additional homes piled into the market in response to the strong sales in the entry level prices.

The Median Prices of D.C. homes continued to rise last month, up sharply from the first of the year. Another indication that the housing market has been strengthening since the first of the year.

D.C. Inventory levels for houses continued to build last month, but it does appear to be leveling off in the rate of increase.

The D.C. house market continues to see an increase in the average days on market in May 2009. Hopefully we will see the large volume of pending sales close in the coming weeks and finally we should see a drop in the average days on market. so if you are looking in Near Southeast D.C.
s Capitol Riverfront (“near Southeast”), Southwest D.C., Capitol Hill, Eastern Market, Anacostia, Congress Heights or Southeast D.C. you better get ready for the market activity to accelerate–i.e. deals are starting move quickly in the entry level market and buyers need to be ready to move quickly!