The February numbers for the close-in Metro area were bullish in every way. First of all, the dollar volume of sales was up an astonishing 20% over February of last year. Second, the average price was up 3.6% and finally the days-on-market was down 13.7%. So more properties are selling briskly and at higher prices than last year at this time.
Once again, the leader of the pack was the District of Columbia, with dollar volume of sales up an astounding 32% and average price up 14%. The phenomenon of overall inventory being low and prices getting bid up because of this shortage is continuing and there is really no let up in sight, as we move into the peak of the spring market. Sellers would do well to get their properties on the market between now and June, and buyers should understand that they are in the middle of a highly competitive market situation.