Warm Weather Sparks Real Estate Growth
Warm weather has not only cheered the locals this winter, but it has also brought back smiles on the faces of real estate professionals this January. With increase in temperatures, the real estate market has also witnessed a sharp rise. Apart from the increase in prices, there was also an unanticipated surprise boom in the sales all over Washington D.C. Such a price hike was observed for the first time during the last four months.
The past season was tough for the real estate market in Washington D.C. Although the markets in Virginia suburbs and Maryland suburbs saw an increase in the home prices by an average 1.3 to 4.5 percent when compared to the last year, the situation was not the same in Washington where the prices were 3.9 percent lower when compared to last year. Even the average annual home sales in this region were down by 4 percent when compared to last season.
Dr. Lisa Flower of George Mason University feels that the price hike is due to an increase in the number of people interested in buying homes. She thinks that sellers are now beginning to quote more sensible prices than earlier, which may have contributed to the escalation in prices of real estate. Dr. Lisa is a Post Doctoral fellow at Center for Regional Analysis School of Public Policy.
Dr. Lisa predicts that the sales and prices would crash again in February due to cold weather. According to her, March and April would be the appropriate season for a realistic analysis of the market situation.
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