The statistics for June look a lot like May 2014, with numbers down in close-in Northern Virginia and in Montgomery County, but with the District of Columbia once again gaining in both dollar volume of sales and price. The dollar volume of sales was up 13% over last June, and the average price was up 6% in DC. One of the reasons is that the District offers “walkability”, and since gridlock has become a major issue for our Metro area, getting around easily and being able to walk to Metro, stores, work and entertainment is very desirable for people buying homes in our area. In addition, the Metro area is a good job market, and the young people filling these jobs are particularly interested in an urban lifestyle.
Because of the resilience, success and stability of Washington, D.C. foreign investment will probably increase and we will be tracking what we believe will be increasing interest, especially from the two biggest foreign investors in U.S. real estate, Canada and China.