The Washington housing market took another step on the road to recovery in October as median prices rose for a seventh consecutive month, according to the S&P/Case Shiller Home Price Index.
The October gain was a modest 0.2 percent compared to the national advance of 0.4 percent, but the cumulative effect of the Washington market's improvement helped it outperform most of the country in year-over-year comparisons. Median prices in the Washington market were just 2.8 percent lower in October than one year ago, while nationally prices fell 7.3 percent.
You can read the remainder of this article at the link below. As you've probably heard before, real estate is a very "local" business. So price changes can be tracked by neighborhood and by price range. Even in the DC area some price ranges have seen some improvement, while others have not. Generally the higher valued properties have not seen an increase.
www.Homestagingbook.com ("Homestaging for Dummies")
For example if our current President brought someone with him from Chicago, that person probably has a house in Chicago to sell. While that person might very well want to buy a house in Georgetown, it is difficult to do so without selling the house in Chicago. Until there is a move-up buyer in Chicago to buy that house, our "person" won't be able to sell there and buy here.
Here is the article...
Fannie Mae offers help to buyers of foreclosed homes
Washington Business Journal - by Barton Eckert Contributing Writer
With a large inventory of foreclosed homes acquired during the housing slump, D.C.-based
is offering up to 3.5 percent in closing-cost assistance to potential buyers.
Fannie Mae (NYSE: FNM) is the largest U.S. mortgage finance company. As an alternative to a closing-cost credit, Fannie Mae is offering an equivalent amount in the buyer's choice of appliances.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president of credit portfolio management. "Many families are taking advantage of the federal homebuyer tax credit to buy a new home, so this is a great time for Fannie Mae to offer some additional help."
The offer is available to any owner-occupant who closes on the purchase of a property listed before May 1, 2010. Properties eligible for this incentive are listed on HomePath.com.
History Lecture with Breena ClarkeSaturday, February 6, 1:30 p.m.
Dumbarton House (2715 Q Street, NW) hosts best-selling African-American history writer Breena Clarke. Author of Oprah's book club selection "River, Cross My Heart," Ms. Clarke will be sharing her research on enslaved and free African-Americans who made their homes in businesses in the Georgetown community for generations. 202.337.2288
* Prices are showing signs of a moderate recovery.
* Days on Market continue to decline compared to both Q3 2009 and a year ago.
* The ratio of inventory to sales continues to decline in most jurisdictions from one year ago.
* The gap between buyer and seller demands is closing with the average sales price in Q4 2009 at 93.7% of list price, the highest share in more than two years.
Let me know if you would like more information from this report. firstname.lastname@example.org
There are currently 107 properties for sale in Georgetown...43 condo/co-op and 64 houses.
The condo/co-ops range in price from $199,990 to $6million.
The houses range in price from $599,000 to $39.5million.
UNDER CONTRACT YTD:
12 total. 6 C/C and 6 houses.
C/C range is $239,000 - $2.295million
Houses range is $739,000 to $4.995million
4 total. 2 C/C and 2 houses.
1531 31st Street $500,000
2501 Pa Ave 2,200,000
3414 Prospect St 1,650,000
1621 31st Street 2,225,000
Despite the larger-than-expected decline, the nation’s median home price increased 1.5 percent to $178,300, the first increase since August 2007, according to the national association. Nationwide, home sales have increased 21 percent from a year ago, but are off 25 percent from the housing peak in 2006.
December’s existing home sales plummeted 16.7 percent to a seasonally adjusted rate of 5.45 million, or almost 1 million fewer than the 6.54 million in November, according to the National Association of Realtors on Monday. Thomson Reuters economists expected a much lower 10 percent decline last month compared to November.
A federal program to encourage first-time homebuyers with an $8,000 tax credit was extended to April 30, and established a $6,500 credit for existing homeowners who move into another house. But the concern is the glut of homebuyers who scrambled to buy homes in recent months has declined and is putting pressure on the housing market to find new buyers without the benefit of a federal tax credit in less than four months, unless lawmakers approve another extension.
Excerpt from the Sacramento Business Journal, January 25, 2010