I’ve been writing about Washington-area real estate for 17 years now, and the first half of this year was the most interesting time I’ve seen. Sales of existing homes for the first six months of 2010 reached a total of 49,882, just a smidge higher than last year’s 49,273.
What’s interesting about that? Well, it’s the way we got to 49,882 sales that was unusual, and sometimes nerve-racking.
The year began with great expectations. Despite a nationwide housing slump, the Washington area was faring better than most metropolitan areas because of a stronger job market. Low mortgage interest rates and the federal tax credit promised to boost buyer activity.
January sales were up 14 percent over last year. It was a good start, but then the snowstorms of February hit us, and sales fell.
As a result of February’s slow sales, pent-up buyer demand exploded in March. Sales in March were 22 percent higher than in March 2009. First-quarter sales were up by 10 percent, even when the slower sales from February were included.
April was crazy. With buyers rushing to get a contract on a home before the federal tax credit deadline of April 30, sales surged to 12,000. It was the biggest sales month since 2005.
But then, sales dropped sharply in May. And while June sales were better than May’s, they were 17 percent lower than June 2009.
Although regional sales for the first half of the year were up 1 percent over last year, sales on the Maryland side were up 18 percent. Virginia sales were down by 13 percent.
The biggest sales gains were found In Prince George’s County and Charles County. The largest drops occurred in Loudoun and Prince William counties.
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