The Greater Capital Area Association of REALTORS (GCAAR) released the market statistics for January 2008 today. The Condo and Co-op market report shows that the average price of condos and co-ops in the District of Columbia rose to $427,651. The average price of condos and co-ops in DC was $405,271 in 2007 and $406,501 in 2006.
Is this the beginning of a market turn-around? Only the next few months will tell.
As for our practice, we were far busier than a typical January. The volume of buyers making purchases felt more like a summer month. Interest rates are quite low and many sellers have adjusted their prices with the new year.
To view GCAAR market statistics, visit: www.gcaar.com/statistics
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Search the MLS for the DC region: http://search.myDCagent.com
Steve Dean
RE/MAX Allegiance
220 7th Street SE
Washington, DC 20003
202-557-5600
www.myDCagent.com
Equal Housing Opportunity
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Yes, up here on Cape Cod it appears we are having a busier January & February than in years past!