Real Estate Round-Up

This week we take a look at the number of homes under ratified contract in each of our covered jurisdictions. In each case, the number of homes under contract is HIGHER than the number we saw on April 30.

District of Columbia

As of today, there are 707 homes under ratified contract in the District.

Arlington

There are 207 homes under ratified contract in Arlington today.

Alexandria

We find 177 homes under ratified contract in Alexandria as of today's date.

Bethesda/Chevy Chase

In BCC, there are 188 homes under contract today.

Real Estate Round-Up

Gallup Poll says Americans See Best Home Buyers' Market in Years.

A recently released Gallup Poll says 71% of Americans think now is a good time to buy a home. This is the highest percentage since 2005. Most Americans also think that home prices will not go up over the next year.

Twenty-two percent of Americans think house prices will go up over the next year. But their strong belief that now is a good time to buy indicates that, over the longer term, they believe prices will rise.

Extremely low long term interest rates for mortgages could also be influencing their opinions.

Real Estate Round-Up

City Influence Realtor Outlook shows Business Increasing for area Agents

The City Influence survey of Realtors for May 2009 shows more business activity for agents in the Washington real estate market last month and this month. The Realtor Outlook combines projected transactions, current activity, seller flexibility, buyer demand and anticipated hiring into one index.

Eighty percent (80%) of Realtors reported that they did more business this month than last month. Seventy percent (70%) say they expect to do more busienss next month than this month. All others reported that business has been and is expected to be about the same. Seventy percent (70%) said they expect to hire people in the next month.

The overall index for May showed a significantly positive sentiment among Realtors with a value of 70. The index ranges from 0 to 100. Eighty percent (80%) of Realtors are finding Sellers more flexible in their expectations on price, compared to 61% last month. At the same time, 50% of Buyers are more demanding in their negotiations with Sellers, down from 61% last month. Ten percent report that Buyers are actually less demanding.

“With the index showing 70 at a positive value, the outlook in the short term is quite positive. The key finding in this month's index is that Realtors are very bullish on their own business expectations and plan to hire,” said Kim Hoover, President of City Influence. "This indicates a strong pipeline and increased sales going forward."

City Influence is a real estate marketing and research firm based in Washington, DC. For more information on surveys, marketing or other City Influence services, please contact Kim Hoover at 202-309-5209.