The year ended on a high note, with the December dollar volume of sales up 21.45 % in our close-in Metro area. In fact, 2009 appears to be the turning point in what has been a 4-year recession. This year was the first time since the downturn began in 2006 that sales have been up. Dollar volume of sales was down 19.8% in 2006, down 12.14% in 2007, down 22.5% in 2008, but up 5.3% in 2009. The highest inventory levels were in 2008 with an average of 6.8 months’ supply, but this turned around in 2009, when inventory fell to an average of 4.6 months. The average price in our close-in Metro area is down 14.13% since the 2005 peak of the market. Since price is the last thing to change in a slowing market, it may take several years before prices climb to the 2005 levels again, but that is anybody’s guess. The numbers in general certainly indicate that we are in recovery, and with the help of Federal tax credits for buyers and low interest rates, we can expect a brisk and improving market as we move through the spring of 2010.

*Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery Country, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.

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Washington DC 20015

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