NNN Lease Market News
DC front runner position seems to be continuing in recent weeks. According to pending sales data from the region's multiple listing service, Metropolitan Regional Information System, suggest prices are stable.
Moreover, DC front runner position seems to be continuing in recent weeks. According to pending sales data from the region's multiple listing service, Metropolitan Regional Information System, suggest prices are stable. Prices on closed sales in April are even slightly up over April 2010, which was the peak of the tax credit boomlet, and demand remains strong at only 78 median days on market in April.
DC stability comes down to two essential factors that are the key to recovery everywhere, according to housing market expert Jonathan Miller of Miller Samuel and John Heithaus of MRIS. The first is employment, where the DC region shines. In February, DC registered the lowest jobless rates among all MSAs in the country, at 5.9 percent, according to the Bureau of Labor Statistics.
The second factor might be less tangible but equally important. "Legacy issues," as Miller called them, have helped the DC market avoid problems with oversupply, speculation and rampant foreclosures that have plagued other markets.
DC stability comes down to two essential factors that are the key to recovery everywhere, according to housing market expert Jonathan Miller of Miller Samuel and John Heithaus of MRIS. The first is employment, where the DC region shines. In February, DC registered the lowest jobless rates among all MSAs in the country, at 5.9 percent, according to the Bureau of Labor Statistics.
The second factor might be less tangible but equally important. "Legacy issues," as Miller called them, have helped the DC market avoid problems with oversupply, speculation and rampant foreclosures that have plagued other markets.
In a hot market, buyers often overlook these defects because prices are rising and buyers are more willing to make compromises. In a slow market, with no urgency to buy immediately, buyers are pickier. They take their time and buy when they find the right house.
The 2010 United States Census found that the DC has a population of 601,657 residents, continuing a trend of population growth in the city since the 2000 Census, which recorded 572,059 residents.During the workweek, however, the number of commuters from the suburbs into the city swells the DC population by over 70%, to a daytime population of over one million people. The Washington Metropolitan Area, which includes the DC and surrounding localities, is the seventh-largest metropolitan area in the United States with approximately 5.6 million residents as of the 2010 Census. When the Washington area is included with Baltimore and its suburbs, the Baltimore– (DC) Washington Metropolitan Area had a population exceeding 8.5 million residents in 2010, the fourth-largest combined statistical area in the country.
http://www.realestateeconomywatch.com/
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