An energizing market?

There's no question that the 2008 real estate market is slow. Within the Washington DC metro area, first quarter volume was about 27% below the same period in 2007. However, we're seeing contract volume pick up during the month of April.

Our chart shows the month-by-month real estate contract totals for the Spot Realty market area (Northern Virginia counties.) April volume is nearly twice January volume -- good news for home sellers. We think that this is a combination of spring seasonality, some pent-up demand among homebuyers, and a lessening of bad real estate news.

Despite this positive news, it remains a strong buyers' market, and pricing is key. Overpriced listings are largely failing to sell, while properties representing good values generate interest.