Welcome to My Monthly Newsletter! | by Nate Ward
This is the inaugural edition of my monthly real estate newsletter. A concise synopsis of the WashingtonDCreal estate market.
Buzz around the office
Sales activity tends to warm every year along with the weather. This year has proven to be no different as the number of new contracts increased significantly over February. Historically low interest rates coupled with tax credit incentives due to expire April 3 has created a flurry of contracts; most notably in the first time buyers market. Many agents continue to experience situations where their clients are competing against multiple contracts. Sellers definitely have more leverage than they did this time last year.
Washington DC Real Estate Trend Indicators
The number of homes sold inWashingtonDCin March 2010 was up 35 percent over the same month last year. The time properties sat on the market fell two weeks over last March. The current average is 85 days on the market. There were 3111 active listings inWashingtonDCin March 2010 and 889 of those properties went under contract. Average sales price this March was $508k; which is down $26k over last year's March average.
Mortgage Rate News
Purchase applications reached a six-month high on a push to exploit soon-to-expire tax credits. Mortgage rates moved up slightly over the past few weeks. The rate on 30-Year fixed mortgages rose from 4.97% onMarch 4, 2010to 5.21% onApril 8, 2010. That translates into an additional $14.74 per month for every $100k you borrow over the life of the loan.
Local Business Spotlight
This month I’d like to give a shout out to Columbia Heights Coffee at3416 11th Street NW. This place is one of the best mom and pop shops anywhere in the DC metro. The owners are fromEthiopiaand they definitely know their coffee. It has a great atmosphere, fast friendly service, it’s less expensive than the big corporate chains plus their coffee is amazing!
I love this particular coop! It’s well run and they keep their fees down. It’s just a few blocks walk to the Metro, Nationals Baseball Stadium, Southwest Waterfront, and so many other great attractions quickly coming to this part of the city! Here is link to the full listing: (link no longer active)
Thank you so much for reading my newsletter!
- Do you know anyone looking to buy or sell a property in the DC Area? Please let me know!
- Want to know what a property sold for? Send me the address and I’ll get you the all the details.
- Want to track only a certain area or price range? Let me know where and I’ll take care of the rest.
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