Real Estate Outlook
Hello Neighbors! Welcome to the April 2017 Home Sales Report. This series is intended to help readers stay informed of real estate activity in our neighborhoods and share some expert viewpoints on where the housing market may head through the rest of the year. I included most of the content for this month’s report in a quick YouTube video. Check it out!
The story in real estate across the country continues to be the growing strength in the market. With inventories as tight as they’ve been in years, prices are creeping up more and more, as illustrated in this Case Shiller price change report below:
What we can see is over the last several months, not only are prices going up, the percentage they’re going up is accelerating. The key takeaway here is that if you are considering purchasing a home this year, you may want to do it sooner rather later because prices, and your costs, only look to rise even more in the near future.
One thing I learned from researching this month’s statistics is that people really LOVE living in this area. For a zip code with over six thousand housing units to only have 22 properties with market activity in a spring month is an amazingly low level of turnover. When people move here, they put down roots, and those roots grow strong and stay solid.
Beyond the Numbers
I was happy to be able to attend the Walter Reed Dreams Block Party this past weekend to enjoy good music and The Great Lawn at The Parks at Walter Reed. This huge incoming development project had its ground breaking this week. 3.1 million square-feet of residential, office, and retail space will be created, including 2,100 units of housing. As a nearby neighbor, I am very excited about how the project will improve retail options in this part of the city.
If you have any questions about buying, selling or investing in Real Estate or, if you’re interested in receiving a free market valuation for your home, you are welcome to contact me to learn more.
Sales Information provided courtesy of MRIS, LLC.