Recent Trends in the Real Estate Market

In March 2009, the real estate market remained slow, but showed signs that the market may pick up in 2009. The average days to sell a property remained high (about 3 - 3 ½ months) and the average sales price remained low. However, the absorption rate and the number of sales both increased for a second month in row. The statistics in April and May will be good indicators of the strength of the market this year. If the absorption rate continues to increase in April and May, it would indicate that the pendulum has shifted its direction and is now swinging back to a balanced real estate market in our area.

Attention Buyers and Real Estate Investors! The low home prices, low interest rates, and government incentivizes are leading to an increase in home sales in the Washington DC Metro area. I believe that we are entering the strongest buyers market that we have seen in a long time. Sales prices should remain flat for the entire year, while the number of sales will steadily increase.

Absorption Rate - 1.6 out of every 10 homes for sale sold last month

The average absorption rate increased last month, changing from 13% in Feburary to 16% in March. We are now in the 2009 spring real estate market. It is an excellent time to buy a home! The inventory is high and should remain high. I expect that buyer demand will increase this year, but the huge inventory will offset the increase in demand. Therefore, we will most likely remain in a strong buyers market for the entire year.

Days on Market - The homes that sold last month were on the market for 115 days

The average time to sell a home remained the same last month. It still takes about three to three and a half months to sell a property in the current market. I expect to see an increase in the in the days on market due to the anticipated number of short sale (pre-foreclosure) homes sold this year. These transactions may take months to close and therefore may increase the overall average days to sale homes for the area.

Sales Price - The average home sold for $13,000 more last month

The average sales prices in the region increased slightly last month.

Montgomery County ($421,706; 2.17% drop)

Fairfax County ($374,856; .93% jump)

Arlington County ($457,955; 6.89% jump)

Washington D.C. ($473,556; 7.4% jump)

Baltimore County ($263,788; 2.47% jump)

Prince Georges County ($234,423; 4.04% jump)

I expect to see property values to remain relatively flat for the entire 2009 year!

Number of Sales - The average number of sales increased 35% last month

The number of sales increased 35% in March. I expect to see the number of sales increase steadily through the 2009 year.

By: Adam Iobst A-Team Realty, LLC

For Additional Information visit http://www.a-teamhomesales.com/